For Sale - £1,100,000 - UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG - Cowley Groves

UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG
Commercial Investment Opportunity Situated in a      PROPERTY SUMMARY
Sought After Location Within the Heart of Douglas.   Price:             £1,100,000

Tenant in Situ Currently Achieving £78,400PA. 6      Type:              Investment
                                                     Status:            For Sale
Allocated Parking Spaces.                            Area:              Central,
                                                                        Douglas, EAST

For Sale - £1,100,000                                Bedrooms:
                                                     Reception Rooms:
                                                                        0
                                                                        5
                                                     Bathrooms:         0

FULL DESCRIPTION                                                              AT A GLANCE
UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG                               Type:                Investment
                                                                              Status:              For Sale
                                                                              Price:               £1,100,000
      Investment Summary
                                                                              Area:                Central,
      • Opportunity to purchase a prime commercial unit in an idyllic                              Douglas, EAST
      setting on the Quay
      • Attractive single let investment located in Douglas town              INSIDE
      centre
                                                                              Bedrooms:            0
      • Constructed in 2011 within an award-winning waterfront
                                                                              Reception Rooms:     5
      development
      • The property provides 3,875sq/ft of high quality                      Bathrooms:           0
      accommodation and 6 secure basement car parking spaces                  En-suite:            0
      • Let to JTC Trustees (IOM) Limited, with JTC Group Limited             Windows:             Double Glazed
      acting as guarantor                                                     Heating:             Electric Central
      • Let on a 10 year term from 03.08.2020 with tenant break                                    Heating
      option at the end of year 6                                             Furnished:           No
      • Initial rent is £78,400 per annum, subject to upward only
      rent reviews every third year linked to Isle of Man Retail Price        OUTSIDE
      Index                                                                   Garage:              Off Street
      • Sale price for the long leasehold interest of the property is                              Parking
      £1,100,000 (subject to contract)                                        Front Garden:        None
                                                                              Rear Garden:         None

Location                                                                      Acreage:             0

Occupying a prime position on the Quay, the property benefits from a          Outbuildings:        No
convenient, central location close to local amenities. Transport and
commuting links are excellent with the Lord Street Bus Station close by and   WHO TO CONTACT
Ronaldsway Airport only 9 miles away.

North Quay is within easy walking distance and has fast become one of the
most popular dining destinations and is home to many of the Island’s most
popular restaurants and bars.

The island’s main shopping district is just five minutes’ walk away and
features a mix of local independent retailers and national brands including
Marks & Spencer store and coffee shop, Boots, JD Sports, Next, River
Island, Sports Direct, TopShop and more.

Description
Unit 2 Quay West provides 3,875sq/ft (360sq/m) of prime commercial
space arranged over ground and basement level. The property was               Orry-James Creane - 07624 365562
constructed in 2011 and is located within Dandara’s prestigious Quay West     Cowley Groves Douglas
development of luxury apartments. There are 6 secure car parking spaces       Landline: 01624 625888
within the basement car park.                                                 Email: ojcreane@cowleygroves.com

Internally, the property benefits from a Grade A specification throughout,

including:
• Fully accessible raised access floors
• Suspended ceilings with integrated grid lighting
• Carpeted floors
• Air conditioning
• Mechanical ventilation
• Wall mounted radiators
• 8 Person passenger lift serving both floors
• Kitchen facilities
• 6 Allocated car parking spaces

Accommodation
This property has been measured in accordance with the Royal Institute of
Chartered Surveyors Code of Measuring Practice 5th Edition, the net
internal area is:

GROUND FLOOR = 2,950sq/ft / 274.06sq/m
BASEMENT = 925sq/ft / 85.94sq/m
TOTAL = 3,875sq/ft / 360sq/m

x6 Car parking spaces
Note: These areas are approximate only.

Service Charge
Full service charge information can be made available to interested parties
on request.

Parish & Island Occupier Rates
The 2020/2021 assessment was £4,942.65.

Tenancy
The unit is let to JTC Trustees (IOM) Limited on effective full repairing and
insuring terms for 10 years from 03.08.2020, subject to three yearly
upward only rent reviews linked to Isle of Man Retail Price Index. There is a
tenant break clause on 02.08.2026. JTC Group Limited act as guarantor.

The initial rent is £78,400 per annum, equating to £21.00psf on the
ground floor office accommodation, assuming £10.00psf on the basement
accommodation, and £1,200 per on-site car parking space. A copy of the
lease can be made available to interested parties on request.

Covenant
Tenant and guarantor’s financial accounts can be made available to
interested parties on request.

JTC
JTC are a multi-jurisdictional, independent provider of institutional and
private client services with over 30 years of global experience with over 700

employees providing a global service to client from a network of 20 offices.
Further information can be found at www.jtcgroup.com

Tenure
The property will be sold by way of 999 lease from 01.09.2010.

VAT
The property has been elected for VAT and therefore VAT will be payable
on the purchase price.

Proposal
The property is for sale at a price of £1,100,000 (subject to contract).

Directions
Travelling from the Quarterbridge along Peel Road in the direction of
Douglas, continue to the Railway Shops and turn right onto Bank Hill.
Proceed straight ahead at the roundabout onto Bridge Road where Quay
West can be found on the right hand side.

GALLERY
UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG

FLOORPLANS
UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG

LOCATION
UNIT 2 QUAY WEST, BRIDGE ROAD, DOUGLAS, IM1 5AG