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Bedford House, 16-22 Bedford Street, Belfast BT2 7FD

£24,300,000

Featured Sold

16-22 Bedford Street, Belfast BT2 7FD

WhatsApp Facebook Twitter Pinterest Linkedin Email

Featured Sold

Bedford House, 16-22 Bedford Street, Belfast BT2 7FD

16-22 Bedford Street, Belfast BT2 7FD

£24,300,000

Description

FOR SALE – PRIME ICONIC OFFICE INVESTMENT

Investment Summary

Belfast, the capital of Northern Ireland is the 2nd largest city on the island of Ireland and the 12th largest city in the United Kingdom.
Bedford House is situated in the heart of Belfast City Centre, on Bedford Street adjacent to City Hall and within the Central Business District.
Bedford House is one of the most recognised office buildings in the city.
The property is a ten storey mixed use building with 38 car parking spaces and 23 cycle spaces.
The building comprises 90,334 sq ft of grade A office accommodation set over ten upper floors with four retail units at ground floor and a coffee shop at mezzanine level.
In addition tenants benefit from exclusive access to the on-site gym and meeting rooms on the 9th floor.
Site measures 0.37 acres (0.15 hectares).
The investment produces a gross rent of £1,673,268 per annum and a net income of £1,556,070 per annum.
A potential reversionary rent of £2,016,000 per annum once fully leased.
85.10% of the income is secured against tenants with a CreditSafe Rating of “Very Low Risk” or “Low Risk”.
The investment provides a WAULT of 10.33 years to expiry and 4.67 years
term certain.
Held Freehold with a fee farm ground rent of £50 per annum.
We are instructed to seek offers in excess of £24,300,000 (Twenty Four Million and Three Hundred Thousand Pounds Sterling) for our client’s freehold interest, excluding VAT.
A purchase at this level would reflect an attractive net initial yield of 6.00% and a potential reversionary yield of 7.50% assuming purchaser’s costs of 6.76% and a price of £269 per sq ft.

Description

The building was originally developed in 1968 as a landmark building and has since undergone various refurbishments with the latest being in 2007 whenever the two additional lower sections either side of the main tower were constructed. In 2015 the main entrance lobby was reconfigured to include a mezzanine coffee shop.

The office accommodation is accessed via a double height glazed entrance from Bedford Street which provides accommodation over the first to tenth floors. The upper floors are accessed via 3no. passenger lifts.

The ground floor has frontages onto Bedford Street, Franklin Street and James Street South. There are 38 car parking space arranged over ground and mezzanine floor situated towards the rear of the building. Access to the car park is via Franklin Street.

The building is constructed from a reinforced concrete frame with pre-cast concrete panels inset with aluminium windows.