34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo

For Sale by Private Treaty

34-36 Rathfriland Road, Dromara,
Co. Down, BT25 2JG

Sold

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Property comprises a modern, PFS/convenience store and shop unit situated on a broadly triangular shaped site with ample parking and enjoys an extensive frontage to the main road. 

Features

  • Sitea rea – c 0.8 acres.
  • Total lettable area – c 4,825 sq ft.
  • Fully let to Henderson Retail Ltd, producing a total income of £119,278.13 pa.
  • Leases expiring 21 September 2036, c 18 years unexpired.
  • Located in the centre of Dromara fronting a main arterial road and adjacent to a mix of commercial and residential property.

Location

Dromara is a well known village, located c 6 miles from Ballynahinch, 12 miles from Lisburn and is served by local facilities and amenities. 

The subject property forms the main retail focus of the village. 

Full Description

Property comprises a modern, PFS/convenience store and shop unit situated on a broadly triangular shaped site with ample parking and enjoys an extensive frontage to the main road. 

The property is fully let to Henderson Retail Ltd with the shop unit sublet to multiple off license retailer, Wineflair. 

Tenure

PFS/convenience store let to Henderson Retail Ltd (see tenant convenant information below) on the following basis:- 

i) Term

Held by way of 2 co-terminus leases – Main Lease 25 years from 21 September 2011 (expiring 20 September 2036) 

ii) Rent Passing 

£105,215.63 and £14,062.50, totalling £119,278.13 pa. 

iii) Rent Reviews

Every fifth year linked to RPI, collared and capped at 12.5% and 15%. Next scheduled review to occur 21 September 2021. 

iv) Repairs and Insurance

a) The tenant is obliged to keep the demised property in good and tenantable repair ie all ‘above ground’ including pumps, forecourt, air and water equipment and canopy. 

b) The Landlord is obliged to keep in good and substantial repair the tanks, ACO channels and pipes until such times as theyaer 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. 

Tenant Covenant 

Henderson Retail Ltd (HRL), part of Henderson Group, is a long established food wholesaler and retailer which owns and operates currently fro m80 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. 

Stamp Duty

Will be the responsible of the purchaser.

Viewing Details

By special appointment with the sole letting agent, Lisney

Property Size

c. 0.8 acres

Title

Assumed Freehold.

NB – Occtupational Lease extends beyond boundaries of current ownership (see map). 

Rates

We are advised by the Land & Property Services of the following: 

NAV: £51,100

Asking Price 

£1.5m, reflecting a net initial of 7.49% after purchaser costs of 6.1% to include all lots. 

Title 

We assume the property is held on a freehold basis. 

VAT

We understand the sale will be by way of TOGC. All prices, outgoings and rentals are stated exclusive of but may be liable to VAT. 

34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
34-36 Rathfriland Road, Dromara, Co. Down, BT25 2JG photo
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