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Ross’s Court, 15-19 William Street South, Belfast, BT1 4AR

£5,750,000

Sold

15-19 William Street South, Belfast, BT1 4AR

WhatsApp Facebook Twitter Pinterest Linkedin Email

Sold

Ross’s Court, 15-19 William Street South, Belfast, BT1 4AR

15-19 William Street South, Belfast, BT1 4AR

£5,750,000

Description

FOR SALE – PRIME CITY CENTRE INVESTMENT / REDEVELOPMENT OPPORTUNITY

Key Benefits

Belfast is the capital of Northern Ireland and is ranked the 12th largest city in the United Kingdom and the 2nd largest in Ireland.
The city is located approximately 103 miles north of Dublin and 75 miles south of Londonderry/Derry.
The subject property is located on William Street South with a rear entrance to Arthur Place and the eastern boundary flanking Montgomery Street.
William Street South runs west of the main entrance to Victoria Square Shopping Centre and links in with Arthur Square.
The immediate area is occupied by mainly multinational retailers. There are several apartment and office buildings within close proximity including the new HMRC headquarters.
Occupiers in the area include Hugo Boss, Apple, Frazers, Molton Brown, Jack Wills, Superdry and Fat Face to name a few.
The building which is grade II listed, is a number of different structures comprising of timber framed, part cast iron, part steel and part masonry structures supported off timber piles.
The property was originally constructed as six buildings which were altered to form a single building for the manufacture of soft drinks and was subsequently divided to form a shopping mall.
In 1997/1998 the building was stripped internally and refurbished to form a single retail unit with a large footprint to accommodate Argos.
The property measures 57,166 sq ft net internal area, based on the 2021 measured survey.
Let in its entirety to Argos Limited for a term of 25 years and four months from 20/07/1998 on full repairing and insuring terms at a passing rent of £430,000 per annum providing 1.8 years unexpired lease term. Argos is no longer in occupation of the unit.
Argos Limited has an CreditSafe score of 86/100 reflecting a ‘very low risk.’
The property sits on a site of 0.46 acres (0.1862 hectares).
Held on a number of different long leasehold (999 yrs) and fee farm grant (freehold) titles at a net ground rent of £376 pa.
Strong redevelopment potential for offices on upper parts and reconfigured retail on ground floor subject to planning and other necessary consents.
We are instructed to seek offers over £5,750,000 (Five Million Seven 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 7.00% assuming purchasers costs of 6.62% and a capital value of £101 per sq ft.

Description

The subject premises were originally constructed as six buildings which were altered to form a single building for the manufacture of soft drinks and was subsequently divided to form a shopping mall. In 1997/1998 the building was stripped internally and refurbished to form a single retail unit with a large footprint to accommodate the existing tenant.

The building which is grade II listed (HB26/50/177) is a number of different structures comprising of timber framed, part cast iron, part steel and part masonry structures supported off timber piles. The open-plan nature of the existing building was achieved by the introduction of further steel picture frames supported by new concrete piles adjacent to those existing.

The main external elevations are of old loopring masonry with the main roofs having been recovered in manmade slate with the pitched areas supported by timber and steel trusses. There are a number of small flat roof areas, particularly concentrated at the Arthur Street Entrance to the unit.

Internally the building at ground floor is of split level which has been incorporated by a series of internal ramps and steps. The upper floors are of timber construction supported off primary steel and we believe have been upgraded to provide a minimum floor loading of 6Kn/square metre.