784 Upper Newtownards Road

  • £2,875,000
784 Upper Newtownards Road, Belfast
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%.

Property Documents

784 Upper Newtownards Road Brochure
EPC
  • Address 784 Upper Newtownards Road, Belfast
  • City Belfast
  • Zip/Postal Code BT16 1UD

Details

Updated on September 15, 2021 at 3:56 pm
  • Price: £2,875,000
  • Property Size: 13454 Sq Ft
  • Property Type: Investment
  • Property Status: For Sale

Accommodation

Description:

Description:

Energy Class

  • Energetic class: D
  • EPC Current Rating: 88
  • A+
  • A
  • B
  • C
  • | Energy class D
    D
  • E
  • F
  • G
  • H

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