Tesco Metro

  • £4,250,000
2 Royal Avenue, Belfast, BT1 1DA

Description

PRIME RETAIL INVESTMENT WITH REDEVELOPMENT POTENTIAL

 

Investment Summary
  • Belfast, the capital of Northern Ireland is the 12th largest city in the United Kingdom, in terms of population.
  • The property occupies a prominent and prime location within Belfast City Centre on Royal Avenue beside the Donegall Place, Castle Place and Royal Avenue intersection.
  • Occupiers in the vicinity included, Marks & Spencer, Zara, Disney Store, Primark, Next, O’Neills, JD Sports and Sports Direct.
  •  Tesco is the largest supermarket retailer in the UK and Ireland.
  • Comprising ground floor retail accommodation, with additional backup/ office space at first and second floors measuring a total GIA of 25,795 sq ft (2,396.5 sq m) and an NIA of 22,300 sq ft (2,071.7 sq m).
  • The buildings sits on a broadly regular shaped site totalling 0.5 acres (0.2024 hectares).
  • Let to Tesco Stores Limited (company number 00519500) on a full repairing and insuring lease for a term of 25 years from 18th October 1996 expiring on the 17th October 2021.
  • Passing rent of £1,075,000 per annum.
  • Asset management opportunity to re let on expiry to a variety of different occupiers or redevelopment parts subject to planning.

 

Description

The property is a landmark Grade B+ Listed Building (ref: HB26/50/106) comprising ground floor retail accommodation, with additional backup/office space at first and second floors. To the rear of the property there is a secure service yard onto Bank Square. The building was originally constructed in 1869 and designed by William J. Barre for the Belfast branch of the Provincial Bank of Ireland. The Provincial Bank of Ireland continued to occupy the building until the Allied Irish Bank took over in the late 1980s and was subsequently refurbished and extended in 1996 for Tesco’s occupation.

 

Asking Price

We are instructed to seek offers over £4,250,000 (Four Million Two Hundred and Fifty Thousand Pounds) for our clients freehold/long leasehold interest, excluding VAT. A purchase at this level would reflect an attractive net initial yield of 23.74% assuming purchasers costs of 6.55% and a capital value of £165 per sq ft.

Property Documents

Final Brochure - Tesco 2 Royal Avenue
EPC_2 Royal Avenue Belfast
  • Address 2 Royal Avenue, Belfast
  • City Belfast
  • Zip/Postal Code BT1 1DA

Details

Updated on October 14, 2021 at 4:59 pm
  • Price: £4,250,000
  • Property Size: 22300 Sq Ft
  • Property Type: Investment
  • Property Status: For Sale

Energy Class

  • Energetic class: C
  • EPC Current Rating: 70
  • A+
  • A
  • B
  • | Energy class C
    C
  • D
  • E
  • F
  • G
  • H

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