PFS/Convenience store and adjacent properties situated on a total site of 0.63 acres.
Let to Henderson Retail Ltd. producing a total income of £72,084.38 pa.
Henderson Lease expiring 21 September 2036, c 18 years unexpired.
Further properties, both vacant and in need of refurbishment, comprise a bungalow and 2 storey building previously used as a shop and 3 no. flats.
Adjacent land creating opportunity for extension to PFS/convenience store.
Located in Killyleagh town centre fronting main arterial roads in a prominent corner position, adjacent to a mix of commercial and residential properties.
Killyleagh is a small town, located c 20 miles from Belfast, c 6 miles from Downpatrick, and is served by local facilities and amenities.
Situated in the town centre with frontages to Downpatrick Road and Irish Street.
Property comprises a significant holding of commercial and residential lots.
Lot 1 – No. 4 Downpatrick Road – comprising petrol filling station and convenience store (let to Henderson Retail Ltd)
Lot 2 – No. 6 Downpatrick Road – comprising bungalow, garage and gardens, vacant, in need of refurbishment.
Lot 3 – a) No. 1 Irish Street, comprising a 2 storey commercial and residential building, vacant and in need of refurbishment with lands to rear
b) Rear Lands
PFS / convenience store let to Henderson Retail Ltd (see tenant covenant information below) on the following basis: –
Held by way of a lease – 25 years from 21 September 2011 (expiring 20 September 2036)
Every fifth year loinked to RPI, collared and capped at 12.5% and 15%. Next scheduled review to occur 21 September 2021
a) The tenant is obliged to keep the demised property in good and tenantable repair ie all ‘above ground’ items including pumps, forecourt, air an dwater equipment and canopy.
b) The landlord is obliged to keep in good and substantial repair the below ground items including tanks, ACO channels and pipes until such times as they are beyond economic repair. At this time or 20 years post installation, the tanks and infrastructure are to be replaced with the cost shared 50/50 between landlord and tenant.
c) Landlord to insure and be reimbursed
Bungalow – Vacant
2 storey building – Vacant
Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food wholesaler and retailer which owns and operates currently from 80 stores throughout Northern Ireland under the brands Spar, Eurospar and Vivo. Recently published accounts dated December 2017 show the company had a turnover of £342m and profit before taxation of £7.7m.
We are advised by Land & Property Services of the following:
Retail Unit NAV: Not Assessed
Flat 1 CV: £50,000
Flat 2 CV: £50,000
£900,000 reflecting a net initial of 8.5%, after purchaser costs of 5.5% to include all lots.
We assume the property is held on a freehold basis.
Will be the responsibility of the purchaser
We believe the sale will be by way of a TOGC. All prices, outgoings and rentails are stated exclusive of but may be liable to VAT.
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