WhatsApp Facebook Twitter Pinterest Linkedin Email

784 Upper Newtownards Road

£2,875,000

For Sale

784 Upper Newtownards Road, Belfast

WhatsApp Facebook Twitter Pinterest Linkedin Email

For Sale

784 Upper Newtownards Road

784 Upper Newtownards Road, Belfast

£2,875,000

Description

WELL SECURED OFFICE INVESTMENT – FOR SALE

Investment Summary

The property is situated in Greater Belfast on the A20 dual carriageway which connects Belfast City Centre (6.5 miles) and Newtownards (4 miles).
Comprises a self-contained office building totaling c.13,454 sq ft with 29 car parking spaces.
The lease is for a term of 25 years from 2nd April 2007 expiring 1st April 2032.
Vodafone’s commitment to the location is demonstrated by the removal of the 2022 break clause.
The property is entirely let to Vodafone Ltd at a current rent of £199,397 per annum.
Vodafone Ltd provides an Experian rating of 97/100 which reflects a ‘very low risk’.
The building is a strategic fixed line communications site to Vodafone who have invested heavily into telecommunications infrastructure and hardware on site.
The property benefits from 5 yearly RPI indexed linked reviews with a collar at 0% and a cap at 6%. On the current RPI indices the rent in April 2022 has the potential to increase to c.£222,000 per annum, exclusive.
The site extends to 0.65 acres (0.263 hectares).
Held long leasehold with in excess of 963 years unexpired. A total ground rent of £124.50 per annum is payable.

Description

The property comprises a detached two-storey office building set on a broadly rectangular site together with a generator building to the rear.

The building was originally constructed in the late 1980’s with a concrete frame, block infill walls faced with brick with double glazed windows under a pitched tiled roof. The building has been refurbished internally to a high standard.

The majority of the ground floor has been fitted out at a significant cost for high tech use as accommodation for multiple servers and communication equipment. The first floor accommodation provides a mixture of open plan and cellular offices with canteen and break out areas.

The property benefits from 29 secure car parking spaces accessed via a barrier system located to the front and rear of the site. This provides an excellent car parking ratio of 1:464 sq ft.

Asking Price

We are instructed to seek offers in excess of £2,875,000 (Two Million Eight Hundred and Seventy-Five Thousand Pounds) for our client’s long leasehold interest excluding VAT. A purchase at this level would reflect an attractive net initial yield of 6.50% and a potential reversionary yield in April 2022 to 7.23%, assuming purchasers costs of 6.43%.