for sale - prominent retail warehouse / trade counter ... · passing rent of £33,750 per annum...
TRANSCRIPT
FOR SALE - PROMINENT RETAIL WAREHOUSE / TRADE COUNTER INVESTMENT
Unit 1, 53 Millennium Way, Lurgan, BT66 8DH
INVESTMENT SUMMARY
▪ Prominent trade counter investment opportunitylocated off the popular Millennium Way, Lurgan.
▪ The property has an approximate gross internal areaof 5,000 sq.ft (465 sq.m).
▪ Let to Screwfix Direct Limited for a period of 10 yearsfrom 7th April 2014, the tenant did not exercise itsoption to break with effect from 7th April 2019.
▪ Dun & Bradstreet credit rating of 5A1, representing anexcellent covenant with secure financial strength andlow overall business risk.
▪ Passing rent of £33,750 per annum equating to £6.75per sq.ft.
▪ 4.5 years remaining on effective full repairing andinsuring terms by way of a service charge.
▪ The subject benefits from the exclusive right to use 15spaces in the car park for customer parking.
▪ The unit also benefits from planning approval for thesale of Open Class A1 goods.
▪ We have been instructed to seek offers in excess of£430,000 (Four Hundred and Thirty ThousandPounds) for our client’s freehold/long leaseholdinterest, exclusive of VAT and subject to contract.
▪ An acquisition at this level reflects a Net Initial Yield of7.52% assuming purchasers costs of 4.36%.
FOR SALE Unit 1, 53 Millennium Way, Lurgan, Craigavon, BT66 8DH
LOCATION
Lurgan is a prosperous market town approximately 22 miles south west of Belfast forming part of theCraigavon Borough which has a population of approximately 80,000 persons.
The subject property is situated in an extremely prominent and convenient location on Millennium Way.Neighbouring occupiers in the surrounding area include Lidl, James Hamilton Group, Cake Décor, Boots,Lurgan Tyre Centre and Tesco Superstore.
DESCRIPTION
The subject was purpose built as a retail warehouse as part of a parade of four units on a self contained sitewhich benefits from free car parking. The property comprises trade counter accommodation extending toapprox. 5,000 sq.ft. (465 sq.m)
The premises is laid out as a trade counter with sales area, storage area, staff canteen, office and toilets. APowermatic space heater provides heating to the entire unit.
Externally the property is of steel portal frame construction with part block and part double skin metal profilecladding to the walls and roof, the shop front is anodised aluminium framed glazing with double entrancedoors, canopy and roller shutter, the warehouse benefits from natural lighting from twelve rooflight panels.
Internally the unit is finished and maintained to a high standard, comprising smooth screed concrete floor,overlaid with non slip vinyl tiles throughout, part block, part double skin metal profile cladding to the walls androof, with a suspended ceiling, acoustic ceiling panels and recessed box lighting to the sales area.
FOR SALE Unit 1, 53 Millennium Way, Lurgan, Craigavon, BT66 8DH
We have been instructed to seek offers in excess of £430,000(Four Hundred and Thirty Thousand Pounds) for our client’sfreehold/long leasehold interest, exclusive of VAT and subjectto contract.
An acquisition at this level reflects a Net Initial Yield of 7.52%assuming purchasers costs of 4.36%.
Title
Services
Inspection
Strictly by prior appointment with the selling agent.
Sales Details
We understand the property is held freehold/long leasehold.
Rates
Unit NAV Estimated Rates Payable
Unit 1 £26,000 £15,626
COVENANT
Screwfix is the UK’s largest multi channel retailer of trade tools and hardware products with 649
stores nationwide. The business which is also a part of Kingfisher PLC, has been in operation
since 1995. Screwfix has a excellent Dun & Bradstreet credit rating of 5A1 which reflects a secure
financial strength with an overall low business risk.
Screwfix Direct Limited 2018 2017 2016
Sales / Turnover £1,527,092,000 £1,306,018,000 £1,057,373,000
Gross Profit / (Loss) £667,692,000 £575,078,000 £481,264,000
Profit / (Loss) before Taxes £171,523,000 £118,448,000 £91,053,000
Net Profit / (Loss) £142,077,000 £93,022,000 £72,825,000
Interested parties are requested to satisfy themselves on theavailability and adequacy of services
TENANCY DETAILS
Tenant Start Date Review Date End Date Break Option Rent (pa)
Screwfix Direct
Limited
07/04/2014 07/04/2019 06/04/2024 N/A £33,750
Planning
The unit benefits from Planning Approval for the sale of OpenClass A1 goods. Ref: N/2006/1177/F.
The current total non-domestic rate poundage in 2019/2020 for the Armagh City, Banbridge &
Craigavon district is 0.600984
Boundary map for indicative purposes only.
IMPORTANT NOTICE
Savills, their clients and any joint agents give notice that:
▪ They are not authorised to make or give any representation or warranties in relation to the property either here or
elsewhere, either on their own behalf or on the behalf of their client or otherwise. They assume no responsibility for
any statement that may be made in these particulars. These particulars do not form part of any offer or contract and
must not be relied upon as statements or representations of fact.
▪ Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only an
are not necessarily comprehensive. it should not be assumed that the property has all necessary planning, building
regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy
themselves by inspection or otherwise.LOCATION MAP – For indicative purposes only
Savills Belfast
Longbridge House
16-24 Waring Street
Belfast, BT1 2DX
+44 (0) 28 9026 7820
savills.ie
VAT
EPC Rating
All prices, outgoings and rentals are exclusive of, but may be liable to Value Added Tax
CONTACTFor further information please contact:
Jamie Radcliffe
Senior Surveyor
Megan Houston
Graduate Surveyor
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+44 (0) 28 9026 7822
+44 (0) 28 9026 7826
FOR SALE Unit 1, 53 Millennium Way, Lurgan, Craigavon, BT66 8DH
All prices, outgoings and rentals are exclusive of, but may be liable toValue Added Tax.
C58
For further information please contact: