- Income Producing City Centre Buildings with Obvious Redevelopment Potential
The subject property is prominently located at the junction of Castle Street and Queen Street in the heart of the City Centre.
The immediate vicinity comprises a mix of retailers, cafes and offices, with neighbouring occupiers including Primark, Mourne Seafood and the Law Centre NI.
Additionally the property is situated in close proximity to Castle Court Shopping Centre and the city’s prime retailing core.
The subject comprises an impressive three–storey period building with a two–storey modern extension.
The period building has a traditional brick external finish and benefits from a number of original features, with a curved sandstone side entrance with bow windows above and ornamental finials surrounding the perimeter of the building’s roof.
The modern section of the property fronting Queen Street has a rendered external finish, a flat roof, feature window trims on the first floor and roller shutter goods–in access to the street.
The ground floor of the period building and entire modern extension have been let to Poundstretcher Limited since 1997, with a current passing rent of £50,000 per annum.
TOTAL OVERALL AREA – C. 1,344 sq m (C. 14,466 sq ft)
See attached brochure for further details
The overall site extends to c. 0.16 acres (650 sq m).
The subject is located within the City Centre development limit and is zoned as being within a conservation area according to the current Belfast Metropolitan Area Plan (Map No. 2/001 Belfast City Centre).
Subject to planning the subject offers obvious long term redevelopment potential.
The 0.16 acre site (650 sq m) would be suitable for redevelopment into a variety of uses including retail, office, residential accommodation or a mixed use scheme involving a combination of the three.
PRICE – We are seeking offers in the region of £1,350,000.
TITLE – We assume the property is held under freehold title.
We are advised by the Land and Property Service that the Nav for the subject property is £44,000.
The commercial rate in the pound for 2021/2022 is £0.543147.
All prices, outgoings etc are exclusive of, but may be subject to VAT
© OKT 2013