FOR SALE 45 MALLUSK ROAD / 8A TRENCH ROAD MALLUSK, NEWTOWNABBEY - PROMINENT MIXED USE INVESTMENT WITH REDEVELOPMENT POTENTIAL - RIDDELLMCKIBBIN
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For Sale
For illustrative purposes only
Prominent Mixed Use Investment with Redevelopment Potential
45 Mallusk Road / 8a Trench Road
Mallusk, Newtownabbey
Prominent Mixed Use Investment with Redevelopment Potential
45 Mallusk Road / 8a Trench Road, Mallusk
PROPERTY SUMMARY LOCATION
• A Freehold mixed use investment opportunity centrally located Mallusk is one of Northern Ireland’s leading industrial / distribution / trade counter and car showroom
within Mallusk locations. The area has a successful industrial and commercial base with good communication links.
• The overall site extends to approximately 4.15 acres Mallusk is situated within Newtownabbey in the Greater Belfast area accessed from the M2 Motorway
(1.68 hectares) at Sandyknowes Roundabout. Mallusk benefits from key communication and transport links situated
• Built accommodation extends to approximately 62,902 sq.ft approximately 7 miles north of Belfast City Centre, 9 miles east from the Belfast International Airport,
• Currently producing an annual gross rent of £207,000.05 from 8 miles north of the Belfast City Airport, 17 miles from the Port of Larne and 7 miles from the Port of
4 tenants Belfast providing access to all major UK and a number of International destinations.
• Various asset management opportunities The area has a range of both national and local occupiers such as Marks and Spencer’s, Diageo,
• For Sale as one lot seeking offers in excess of £2,750,000 Donnelly Brothers, Mercedes Benz Van & Truck, Royal Mail, The Henderson Group, Wilsons Auctions
exclusive which reflects a NIY of 7.07% assuming purchasers and Countrywide Freight.
costs of 6.42%. The property is centrally located within Mallusk and is situated fronting onto the Mallusk Road which
is the main thoroughfare, whilst it also benefits from a further access from Trench Road at the rear of
the development.
Prominent Mixed Use Investment with Redevelopment Potential
45 Mallusk Road / 8a Trench Road, Mallusk
DESCRIPTION
The property is a freehold mixed use investment opportunity
and is comprised of 5 buildings sub-divided into 15 no. units.
The built accommodation extends to approximately 62,902
sq.ft. of which approximately 15,400 sq.ft has been sold off TR
EN
long leasehold. The overall site extends to c.4.15 acres and CH
RO
has direct access from both the Mallusk Road and also the AD
Trench Road.
On the Mallusk Road frontage there is a split level building
which is occupied by two tenants and comprises units 10-15.
1
Units 10, 11, 12, 14 & 15 are occupied by Donnelly Brothers Units 2 - 4
(Belfast) Ltd and are utilised for a combination of car
showroom, offices, garage workshop space and external
sales yard area. Unit 13 is occupied by Henderson Retail
5
Limited and comprises a Maxol branded fuel forecourt with 8
a Spar Convenience Shop, instore Subway, ATM, stores and
staff facilities. 6
The middle section of the site is predominantly comprised 9
16
of 3 buildings split into units 6, 8, 9 & 16. These units are all
occupied under a single lease to Donnelly Brothers Ltd and
are utilised for a combination of garage workshops, offices,
14
storage and staff facilities.
15
13
The Trench Road entrance at the rear of the site provides 12
access to a ‘T’ shaped purpose built building which comprises 11
10
units 1-5 (units 2-5 have been sold off long leasehold). Unit
1 is currently vacant and provides warehouse, ground & first MA
LL
floor offices and mezzanine level accommodation totalling US
K
RO
c.8,968 sq.ft. AD
See the site plan for unit numbers and layout.
SITE AREA
We estimate the site area to be approximately 4.15 acres
(1.68 hectares) For illustrative purposes only
Prominent Mixed Use Investment with Redevelopment Potential 45 Mallusk Road / 8a Trench Road, Mallusk TENANCIES & ACCOMMODATION The property is currently let to four separate tenants on effective full repairing and insuring terms by way of a service charge. AREA LEASE LEASE ANNUAL SERVICE UNIT(S) TENANT SQ FT G.I.A USE START DATE DURATION END DATE RENT NAV EPC INSURANCE CHARGE COMMENT 1 Vacant 8,968 Warehouse / n/a n/a n/a £0.00 £22,100 C54 £1,009.83 £872 Currently Vacant Offices / Mezz 2-5 Messrs McBride, 15,400* Trade Counter / 09/02/2006 900 years 08/02/2906 £0.05 £51,400 n/a n/a £1,840 Sold off Long Leasehold McBride & Greer*** Warehouse / Mezz (900 year lease). Tenant insures premises. 10, 11, 12, Donnelly Brothers Ltd 14,446 Car Showroom / tbc tbc 01/12/2018 £62,000 £77,300 C75 £4,848.52 £1,800 Lease is due 14 &15 Offices / Vehicle to expire in Workshop December 2018. 6, 8, Donnelly Brothers 20,105 Vehicle Workshop / 03/09/2007 10 years 02/09/2017 £80,000 £56,500 E116 _ £2,352 Lease has expired 9 & 16 (Belfast) Ltd Offices / Staff / Storage E122 and tenant is F127 overholding. 13 Henderson Retail Ltd 3,983** PFS / Retail / 30/04/2001 20 years 01/05/2021 £65,000 £42,000 C59 £614.97 £532 In occupation since 2001. Storage / Ancillary There is limited competition in the immediate area. Total 62,902 sq ft £207,000.05 £249,300 £6,473.32 £7,396 * Approximate footprint of built space | ** Net Internal Area | *** Sold by way of a 900 year lease at £0.05 per annum
Prominent Mixed Use Investment with Redevelopment Potential
45 Mallusk Road / 8a Trench Road, Mallusk
COVENANT STRENGTH
The tenants recent account and Experian Delphi ratings are summarised below:
DELPHI CURRENT % OF YEAR SALES PRE-TAX TANGIBLE
UNIT(S) TENANT EXPERIAN SCORE RENT P.A INCOME END TURNOVER PROFT / LOSS NET WORTH COMMENT
13 Henderson Retail Ltd Very Low Risk 100/100 £65,000 31.40% 31/12/2016 £315,891,580 £6,785,554 £33,324,789 The company was established in 1923. Henderson Retail
refers to the portion of stores within the Henderson Group
that are owned and operated directly by the company. There
are currently over 80 Henderson Retail stores that operate
within the Spar, Eurospar and Vivo brands in N. Ireland.
6, 8, Donnelly Brothers Very Low Risk 95/100 £80,000 38.60% 31/12/2017 £42,770,511 £20,851 £3,210,522 Donnelly Bros (Belfast) Ltd forms part of the Donnelly Group
9 & 16 (Belfast) Ltd of companies. The Donnelly Group is the largest family
owned motor retailer in Northern Ireland, with a workforce
in excess of 700 people. They operate from eight locations
located across Northern Ireland.
10, 11, 12, Donnelly Brothers Very Low Risk 95/100 £62,000 30.00% 31/12/2017 £42,770,511 £20,851 £3,210,522 -
14 & 15 (Belfast) Ltd
ASSET MANAGEMENT TITLE
Potential asset management opportunities include: We understand that the property is held Freehold.
• Let the vacant unit
• Re-Let units 6,8,9&16 VAT
The property has been elected for VAT. It is envisaged the transaction will
• Regear occupational leases
be treated as a TOGC.
• Refurbish the older units and re-let at higher rents
• Construct additional units PROPOSAL
• Sell off the units piecemeal as investment opportunities or with Vacant We are instructed to seek offers in excess of £2,750,000 excluding VAT
Possession for our clients freehold interest. A purchase at this level would reflect an
• Redevelopment potential subject to requisite consents. attractive Net Initial Yield of 7.07% assuming purchasers costs of 6.42%
FURTHER INFORMATION For more information or to arrange a viewing please contact: Mark Riddell 07920 186523 mark@riddellmckibbin.com Martin McKibbin 07715 269699 martin@riddellmckibbin.com 3rd Floor 7-11 Linenhall Street Belfast BT2 8AA 028 9531 3122 www.riddellmckibbin.com Ref: RM010 Riddell McKibbin Limited for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without responsibility of Riddell McKibbin Limited or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Riddell McKibbin Limited cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of Riddell McKibbin Limited has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Riddell McKibbin Limited will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.
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