SOLD
1-13 Jennings Park
Monkstown
Newtownabbey
BT37 0NB
EXCELLENT RETAIL PARADE INVESTMENT
LOCATION
The property is situated in Monkstown, a townland within the Newtownabbey urban area. It is approximately 9 miles north of Belfast close to the shores of Belfast Lough. The surrounding area is made up of medium and high density housing development.
Neighbouring occupiers in the vicinity include: Winemark; Spar; Tesco Express; Mauds Ice Cream; and Ashers Bakery.
DESCRIPTION
The property comprises a parade of 7 shops with a range of users, to include Hot Food, Hair Salon, Vape Shop and Butchers.
The units are generally all finished with solid floor overlaid with a mixture of tiling or laminate wood, plastered and painted walls, suspended ceilings with recessed and diffused strip lighting or spot lights, aluminium shop fronts and electric roller shutter doors. There is excellent off street car parking provided to the front of the block along with a rear service access road for deliveries.
Viewing: By appointment with Sole Agent
+44 (0)28 9042 4747
Click here to download a pdf brochure
ACCOMMODATION
Unit 1 – c.855 sq.ft. (79.4 sq.m.)
Unit 1a – c.466 sq.ft. (43.3 sq.m.)
Unit 3 – c.468 sq.ft. (43.5 sq.m.)
Unit 5 – c.460 sq.ft. (42.7 sq.m.)
Unit 7 – c.464 sq.ft. (43.1 sq.m.)
Unit 9 – c.439 sq.ft. (40.8 sq.m.)
Unit 11/13 – c.908 sq.ft. (84.4 sq.m.)
Total Accommodation c.4,060 sq.ft. (377.2 sq.m.)
Total Site Area c. 0.3 acre
LEASE DETAILS
The salient tenancy details are as follows:
1 Jennings Park Bakery/Café
3 year lease from 1st April 2018
1a Jennings Park Barber
2 years 6 month lease from 1st January 2018
3 Jennings Park Vape Shop
3 year lease from 14th August 2021
5 Jennings Park Chip Shop
5 year lease from 31st December 2018
7 Jennings Park Butchers Shop
5 year lease from 31st December 2018
9 Jennings Park Hairdressers/Nail Bar/Beautician
3 year lease from 26th October 2017
11/13 Jennings Park Funeral Home
3 year lease from 30th June 2017
Total current annual passing rent £51,540 per annum
Further rental details and leases are available to genuinely interested parties. There is provision for a service charge in the leases which is currently charged at c £25 per month per unit. Please note Templeton Robinson Commercial do not manage this block.
SALE PRICE: Seeking offers over £470,000 excl.
INVESTMENT DETAILS
This is an excellent opportunity to acquire a fully let retail parade with a good range of trading businesses. Also an asset management opportunity with some leases nearing expiry, with the potential to renew and re-gear. All units are rented to local covenants who have continued to trade post lockdown.
A sale at the asking price would give an attractive net initial yield of c.10.5%
Total current rent roll £51,540 per annum
TITLE
Freehold
RATEABLE VALUES
Unit 1 – Shop – £7,750
Unit 1a – Shop – £4,750
Unit 3 – Shop – £4,400
Unit 5 – Shop – £4,450
Unit 7 – Shop – £4,450
Unit 9 – Hairdressers – £4,450
Unit 11/13 – Shop – £9,100
VAT
Rentals and Sale figures are all quoted exclusive of VAT, which may be chargeable.
EPC: E-107