SOLD

4 Harbour View
Sydenham Business Park
Belfast
BT3 9HU

Investment Property – Offices and Warehouse

Price £315,000 plus VAT

5,000 sq.ft. of Well Fitted Offices and Warehousing

Let to prime covenant at £40,500 per annum

Held on 120 year lease with 5 year review of GR linked to RPI

Current GR £7,364.46 plus VAT estimated to increase to circa £8,350 p.a. plus VAT in July 2021
(purchasers to make their own enquiries as to this assumption)

Net estimated rent: £32,150 p.a. plus VAT reflecting a gross yield of 10.2% on asking price of £315,000 plus VAT

The property is situated in the Harbour Estate on the shores of Belfast Lough, close to Belfast City Centre and convenient to the Motorway network. The property comprises some 5118 sq.ft of offices and warehousing with associated dedicated car parking. The offices are finished to a high standard as per photographs attached.

The tenant, Magdalene Limited, are part of Mgroup Services who have a turnover in the UK of £1.38bn. Magdalene offers support and install contracts with Clients such as Virgin Media, BT, Zayo and others on fixed telecoms networks. Their own turnover is approx. £50m. They have operated from this location for 10 years.

Magdalene have recently entered in to a new FRI 10 year lease from 1 September 2019 at a rent of £40,500 per annum plus vat. Tenant has a 5 year break option. The property is held under a ground lease of 120 years from 3 July 2006. Ground Rent is to be reviewed every 5 years in line with Retail Price Index. Rent currently £7364.46 per annum plus vat and estimated to increase to approx. £8,350 per annum plus vat in July 2021. Net rent to owner at that time will be c £32,150 per annum plus vat reflecting a gross yield of 10.2% on asking price.

Viewing:
By appointment with Brian S Patterson 07767 442999
or contact Holywood Office +44 (0)28 9042 4747

Click here to download a pdf brochure