O'Connor, Kennedy, Turtle

2–4 Church Street Coleraine, County Londonderry, BT51 1AP

Ref: C1654 sold
Key Features
  • Excellent town centre location with a dual frontage onto The Diamond and Church Street the town’s main retail pitches
  • 100% occupied by two local traders and Next PLC
  • 88.9% of income is secured against a “Very Low Risk” CreditSafe Rating covenant
  • Asset Management Opportunities: o Re–gear of NEXT lease o Extending into second floor void
  • Current Income £135,000 per annum
  • Freehold
  • We are instructed to seek offers in excess of £1,250,000 (One Million, Two Hundred and Fifty Thousand Pounds).
  • A purchase at this level reflects a net initial yield of 10.20% after allowing for acquisition costs at 5.96%.

offers over £1,250,000

Prime Retail Investment

Coleraine is one of Northern Ireland’s leading provincial towns with a resident population of c. 57,000 persons and over 250,000 persons within a 30 minute drive time. The area also benefits from c. 2.5m tourists annually, with a general spend of over £37m per annum.

The property occupies a prominent position in the town centre fronting the dual prime retail pitch of Church Street and The Diamond. The subject is a prominent building and benefits from considerable pedestrian footfall accessing the prime retail thoroughfare from The Mall car park (223 spaces) and Abbey Street Car Park (182 spaces).

Other major tenants in Coleraine Town Centre
include M&S Simply Food, Superdrug, Waterstones, O2, Holland & Barrett, Argos, Trespass and Topshop.

The subject is a three storey building and is currently utilised for retail purposes with a return frontage onto The Diamond and Bellhouse Lane. NEXT’s total return frontage is approximately 32.6m, 17.3m onto The Diamond and 15.3m onto Church Street. It comprises four retail units with NEXT having amalgamated units 1 and 2. Units 1 and 2 are finished to NEXT’s most recent corporate fitout with units 3 and 4 finished to the independent retailer’s desired specification.

Accommodation

Please refer to attached brochure

Lease Details

The property has a Weighted Average Unexpired Lease Term (WAULT) of 3.92 years to expiry and approximately 1.51 years term certain.

Sales Details

We are instructed to seek offers in excess of £1,250,000 (One Million, Two Hundred and Fifty Thousand Pounds). A purchase at this level reflects a net initial yield of 10.20% after allowing for acquisition costs at 5.96%.

NAV / Capital Value

We have been advised by the Land & Property Services that the NAV of the property is as follows:

2–4 Church Street £90,400
Bellhouse Lane(unit 3) £6,900
Bellhouse Lane(unit 4) £10,000

VAT

We’re advised that the property is registered for VAT.


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