QUAYSIDE SHOPPING CENTRE - RETAIL INVESTMENT OPPORTUNITY - DERRY LONDONDERRY - Rackcdn.com
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RETAIL INVESTMENT
OPPORTUNITY
QUAYSIDE SHOPPING CENTRE
DERRY ~ LONDONDERRY
Investment Summary 86,596 sq ft (8,046 sq m) covered mall incorporating 479 car parking spaces. Key anchor tenants include Tesco and Omniplex, both of which have been sold long leasehold. Asset management opportunities to increase income stream. Site area 1.11 hectares (2.76 acres). Scheme is currently 97.5% let. Current net income £463,296 P.A. Price £4,350,000 (Four Million Three Hundred and Fifty Thousand Pounds) exclusive.
LOCATION & demographics
Derry ~ Londonderry lies approximately 70 Derry ~ Londonderry has good road Derry ~ Londonderry has witnessed considerable
miles (113 Km) to the north-west of Belfast and communications being positioned within close urban regeneration projects improving the overall
approximately 145 miles (233 Km) to the north of proximity to the A6 which is the direct route onto area with further investment planned.
Dublin, in the Republic of Ireland. the M2 into Belfast, the AS which leads to the
south-west of the province and the N13 leading County Londonderry has a population of 245,500 and
Derry ~ Londonderry enjoys excellent transport into the west of Ireland. The city is served by the a cross-border catchment of almost 400,000 people.
infrastructure and is well connected to mainland principal railway station on Duke Street which
UK as well as the Republic of Ireland. The City provides a service to Belfast and neighbouring The city has strong demographics with 24% of
of Derry Airport is located approximately 7 miles towns such as Ballymena and Coleraine. households within a 10 minute drive-time within
(11 Km) to the northeast of the city and Belfast the ‘Wealthy’ and ‘Comfortable’ CAMEO
International Airport is approximately 56 miles (90 Derry ~ Londonderry was awarded UK City of groups. This increases to 34% in the 20 minute
Km) to the south-cast. Both of these routes are Culture in 2013, the first city in Northern Ireland catchment and is significantly above the average
serviced by a direct link bus From Londonderry. to receive this prestigious award. In recent years for Northern Ireland.
Burnfoot
City of Derry Coleraine
Airport
Quayside Ballynagard
A37
Shopping N13
Londonderry Bridge End A515 A2
A26 Centre
A6
Ballymena Eglinton
ferries to: A2
A2 A515
Larne Liverpool,
Stranraer & Quayside
M22
Isle of Man Shopping
Northern
Centre
M2 Londonderry A6 A514
Ireland M3 Bangor
Belfast
Omagh International George Best
A5 Airport
Belfast Belfast City Airport
A5
Drumahoe
M1 Lisburn New Buildings A6
Enniskillen Armagh Carrigans
A1
A4
Newry
Monaghan
Claudy
N2 Dundalk
N1
DESCRIPTION The Quayside Centre is a purpose built shopping centre constructed in the early 1990’s and consisting of 86,596 sq ft of accommodation and a multi storey car park providing 479 spaces. The shopping centre is anchored by Tesco and Omniplex Cinema both of which have been sold off long-leasehold for a term of 125 years. Quayside is accessed via a main entrance on the Strand Road, while the car park is entered and exited via Great James Street. Internally the scheme contains 17 units with various mall and kiosk concessions. The centre has been designed and constructed in a ‘T’ shape configuration with the main mall running on a north-south axis (Tesco to the north and the car park to the south) and a shorter mall intersecting with access from Strand Road. The main Mall benefits from a glazed roof providing natural light on to the main mall. The cinema is self-contained and accessed via an entrance on the Strand Road. The cinema sits above the shopping centre and comprises 7 screens which have been recently refurbished in November 2014 at a cost of £500,000. The Tesco supermarket is a former Crazy Prices store (the group was acquired by Tesco in 1997). The store has been sold off long leasehold for a term of 125 years from 1st November 1992. The Omniplex Cinema has been sold off long leasehold for a term of 125 years from 30 April 1993.
Tenure & site boundary
The Quayside Shopping Centre is held Freehold whilst
the car park is held long leasehold for a term of 999
years from April 1994 at a yearly rent of one peppercorn.
Further information is available in the dataroom.
For illustrative purposes only and no legal reliance should be placed on the same.
Tenancy schedule
UNIT TENANT DETAILS TRADING AS AREA NET RENT TERM EXPIRES REVIEWS BREAK COMMENTS
Anchor Tesco Stores Ltd Tescos 35,000 N/A 125 years 1/11/2117
Unit 1-3 Bits ‘N’ Pieces (Derry) Ltd Poundsworth 4,278 £16,124 10 years 31/07/2023 01/08/2018 01/08/2021 Lease signed by Bits & Pieces (Derry) Ltd.
12 mths notice
Unit 4 Superdrug Stores PLC Superdrug 3,801 £44,000 25 years 31/07/2018
Unit 5 Ali Yilmaz Nicos Barbers 454 £6,000 5 years 31/03/2021 31/03/2017
Unit 6 Sportswift Limited Card Factory 1,663 £12,500 5 years 30/07/2017 31/07/2015 Card Factory proposed new lease terms. Service charge cap £7,300 subject
to 4% / RPI annual increase.
Unit 7 Bogside & Brandywell Health Bogside & Brandywell Health 1417 £0.00 Landlord contribution to service charge £6,252
Unit 8 Shopmobility Foyle Shopmobility 1416 £0.00 Landlord contribution to service charge £6,248
Unit 9-10 Jason McKinney The Bed Shop 1112 £10,260 2 months 07/03/2016 Overholding negotiations ongoing
Unit 10a Rupinder Singh RS Phone Accessories 114 £6,099 month to month Monthly rent inclusive of rates, service charge and insurance
Unit 11-12 Subway Realty Ltd Subway 642 £14,000 15 years 18/09/2027 19/09/2017 18/09/2017 Tenant benefits from use of 1 car parking space
18/09/2022
Unit 13-14 Scott Bauman Quay Café 618 £13,500 5 years 31/08/2019 01/09/2017 Tenant has instigated their Break Option. New 5 year lease agreed at
£17,500 p.a
Unit 15-16
M McKinney Quayside Soft Furnishings 1702 £17,000 3 years 26/06/2014 Overholding
Unit 17 & 18 Quay-Pharm Ltd H Sweeny Chemist 911 £15,000 10 years 16/02/2026 17/02/2021 16/02/2021 Tenant has exclusivity as a pharmacy
672
Unit 19 Margaret McKinney Quayside Bed Linnen 911 £4,812 Tenant pays by standing order mandate on the 1st Day in
each month. Rent is inclusive of service charge and insurance.
Unit 20 Stewarts Supermarkets Ltd Tescos 1,139 £22,000 25 years 31/10/2018
Unit 21 Vacant 2,221 £0.00 Tenant vacated but not paying rent.
Landlord contribution to rates, service charge and insurance £19, 895
Unit 22 Northern Cinemas Ltd Omniplex 28,525 £0.05 125 years 30/04/2118
Advert Clear Channel Located on the Flank wall of 48 Sheet £1,500 3 years 31/03/2015
Panel QSC overlooking Queens Quay
Advert Exterion Media (UK) LTD 2 x internal lit ad panel located £1,800 5 years 31/10/2015
Panel at Savers & outside the toilets
Mall Clearhill Enterprises Ltd Clearhill Retail Entertainment £14,250 3 years 30/04/2018 License Agreement
Licence
Mall Promotion Brian Geraghty E-cigaretts 6 x 6 sq ft to £9,600 26/05/2015 Overholding
front of Unit 7
Taxi Rank Culmore Taxi Company Culmore Taxis £24,000 02/12/2015 Overholding
ATM 20/20 Property Ltd 20/20 Property Ltd 1 x ATM 08/04/2022 Rent charged based on transactions per annum
Machine
Centre Mgmt £3,500 Rent paid out of service charge
Suite
Mall Promotions
£18,209
Car Wash C&M Valeting C&M Valeting £5,000 6 month license 30/09/2015 Licensee occupies 6 car parking spaces in the MSCP
15 Car Parking Habinteg Housing Habinteg Housing £4,167 1 year licence 03/07/2017 Licensee occupies 15 car parking spaces in the MSCP
Spaces Association (Ulster) Ltd Association (Ulster) Ltd
Multi-Storey Car Park £199,975
VAT £53,132
Multi Storey
(net) Insurance £4,620
Car Park
Rates £52,880
Operational costs £8,185
86,596 £463,296
ASSET MANAGEMENT SERVICE CHARGE
Implement a focused and targeted letting The current annual service charge budget for the
strategy. year is £243,982 which equates to £4.20 per sq ft
overall.
Address current mall environment by decanting
There is currently one directly employed centre
existing kiosks operators into void units.
management member of staff in Quayside Shopping
Centre. The employment of this employee will be
Changing the lease expiry profile on the scheme
transferred as part of the sale under the TUPE
whereby the vast majority of net income is
regulations.
secured for a period of 5+ years or more.
Address landlord shortfalls / inclusive rents and
various over-holding leases.
EPCs
‘EPC Rating B45’. A full Energy Performance
Certificate is available from the secure Dataroom.
VAT
The property is registered for VAT and it is
proposed that the sale will be treated as a
‘Transfer of a Going Concern’.
DATAROOM
A secure dataroom with additional information PRICE:
is available in addition to the brochure.
Contact: Gareth Planck at Arthur Cox £4,350,000 (Four Million Three Hundred and Fifty
gareth.planck@arthurcox.com Thousand Pounds) equating to a Net Initial Yield of
10.0%, assuming purchasers costs of 6.56%.
CONTACTS
Mark Riddell
Tel: 028 9024 1500
DDI: 028 9051 1006
Mob: 079 2018 6523
mark.riddell@colliers.com
Martin McKibbin
Tel: 028 9024 1500
DDI: 028 9051 1010
Mob: 077 1526 9699
martin.mckibbin@colliers.com
RETAIL INVESTMENT
OPPORTUNITY
MISREPRESENTATION ACT DISCLAIMER
Colliers International gives notice that these particulars are set out as general outline only for the guidance of intending Purchases or Lessees, and do not constitute any part of an offer or contract. Details
are given without any responsibility and any intending Purchaser’s, or Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or
otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatever in relation to this property.
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