For sale
74-76 Dublin Road, Belfast, BT2 7HP
Commercial Property (13,601 sq ft)
Price £1,950,000
Contact Cushman & Wakefield
+44 28 9023 3455
Property Overview
Status
For Sale
Style
Commercial Property
Property Features
Size
1,263.6 sq m (13,601 sq ft)
Property Financials
Price
£1,950,000
Additional Information
Attractive Fully Let City Centre Office Investment
Summary
Purpose built Grade A 5 storey office building comprising 13,601 sq ft
Fully let to FinTrU Limited expiring in January 2031
Current passing rent £200,000 per annum exclusive
Prominent location within Belfast City Centre Queens Quarter in close proximity to One Bankmore development
Offers in excess of £1,950,000 exclusive, equating to a net initial yield of 9.65% and a capital value of £143 psf
Location
Belfast is the capital of Northern Ireland with a population extending to approximately 650,000, the 12th largest City in the United Kingdom and second largest on the Island of Ireland, approx. 100 miles North of Dublin.
Belfast enjoys excellent transport infrastructure and is well connected to the rest of Ireland and to mainland UK. George Best Belfast City Airport is located approximately 4 miles (6 Km) from the City Centre with Belfast International Airport approximately 23 miles (37 Km) north-west.
In addition, Belfast has a large commercial port that is also used for passenger ferry services with regular sailings to Scotland, England and Wales. Belfast has good road communications being positioned within close proximity to the M2 linking the North and West of the Province and the M1 which links with Dublin in the South. Grand Central Station has recently opened which will provides an hourly train service to Dublin from 2024.
Belfast is home to a growing population of students, entrepreneurs, and two leading universities: Queen's University Belfast and Ulster University.
Belfast is one of the UK and Ireland's most compelling office destinations combining cost efficiency, skilled talent and a high quality of life in a globally connected city. Belfast's unique position and location within the UK and Ireland offers dual-market access to Great Britain and the EU.
The property is located on Dublin Road, an arterial route approximately 500m south of Belfast City Hall linking the City Centre to Bradbury Place, Botanic Avenue, Lisburn Road, Malone Road and Queens University.
Dublin Road has witnessed a wealth of regeneration and redevelopment over the last decade including PBSA, residential apartment developments and currently a new office development called One Bankmore which will be Kainos' Global HQ.
Dublin Road benefits from excellent transport links. The new Grand Central Station for regional rail, coach and bus connections is approximately 5 minute walk from the subject location whilst Botanic Station is approximately 300 metres south on Botanic Avenue. There are numerous bus services with stops along Dublin Road and an NCP multi storey car park is located on Dublin Road adjacent to the One Bankmore development.
Description
The property comprises a purpose-built 5 storey office building accessed off both Dublin Road and Pakenham Street.
The accommodation is arranged around a central core with lift access to all floors and natural daylight to all floors from all facades. Whilst the building is currently let to a single occupier it is capable of being let on a floor-by-floor basis.
The accommodation is finished to a Grade A specification to include raised access floors and the occupiers corporate fit out.
The fourth floor benefits from an external roof terrace to the front and side.
Accommodation
The measured floor areas of the subject on a Net Internal Area (NIA) basis are as follows:
Ground Floor - 268.8 Sq M (2,894 Sq Ft)
First Floor - 280.6 Sq M (3,021 Sq Ft)
Second Floor - 278.7 Sq M (3,000 Sq Ft)
Third Floor - 274.7 Sq M (2,956 Sq Ft)
Fourth Floor - 160.8 Sq M (1,730 Sq Ft)
Total - 1,263.6 Sq M (13,601 Sq Ft)
Tenancy
The building is let on a single full repairing and insuring lease to FinTrU Limited (Company Number 08815659) for a period of 10 years from 1 January 2021.
The 1 January 2026 rent review has been documented at £200,000 per annum equating to £14.70 psf.
A copy of the lease can be provided on request.
Tenure
The property is held freehold.
VAT
The property has been elected for VAT purposes and therefore it is expected that the investment sale will be considered as a Transfer of a Going Concern (TOGC).
Proposal
Offers in excess of £1,950,000 exclusive, equating to a net initial yield of 9.65% and a capital value of £143 psf.
Summary
Purpose built Grade A 5 storey office building comprising 13,601 sq ft
Fully let to FinTrU Limited expiring in January 2031
Current passing rent £200,000 per annum exclusive
Prominent location within Belfast City Centre Queens Quarter in close proximity to One Bankmore development
Offers in excess of £1,950,000 exclusive, equating to a net initial yield of 9.65% and a capital value of £143 psf
Location
Belfast is the capital of Northern Ireland with a population extending to approximately 650,000, the 12th largest City in the United Kingdom and second largest on the Island of Ireland, approx. 100 miles North of Dublin.
Belfast enjoys excellent transport infrastructure and is well connected to the rest of Ireland and to mainland UK. George Best Belfast City Airport is located approximately 4 miles (6 Km) from the City Centre with Belfast International Airport approximately 23 miles (37 Km) north-west.
In addition, Belfast has a large commercial port that is also used for passenger ferry services with regular sailings to Scotland, England and Wales. Belfast has good road communications being positioned within close proximity to the M2 linking the North and West of the Province and the M1 which links with Dublin in the South. Grand Central Station has recently opened which will provides an hourly train service to Dublin from 2024.
Belfast is home to a growing population of students, entrepreneurs, and two leading universities: Queen's University Belfast and Ulster University.
Belfast is one of the UK and Ireland's most compelling office destinations combining cost efficiency, skilled talent and a high quality of life in a globally connected city. Belfast's unique position and location within the UK and Ireland offers dual-market access to Great Britain and the EU.
The property is located on Dublin Road, an arterial route approximately 500m south of Belfast City Hall linking the City Centre to Bradbury Place, Botanic Avenue, Lisburn Road, Malone Road and Queens University.
Dublin Road has witnessed a wealth of regeneration and redevelopment over the last decade including PBSA, residential apartment developments and currently a new office development called One Bankmore which will be Kainos' Global HQ.
Dublin Road benefits from excellent transport links. The new Grand Central Station for regional rail, coach and bus connections is approximately 5 minute walk from the subject location whilst Botanic Station is approximately 300 metres south on Botanic Avenue. There are numerous bus services with stops along Dublin Road and an NCP multi storey car park is located on Dublin Road adjacent to the One Bankmore development.
Description
The property comprises a purpose-built 5 storey office building accessed off both Dublin Road and Pakenham Street.
The accommodation is arranged around a central core with lift access to all floors and natural daylight to all floors from all facades. Whilst the building is currently let to a single occupier it is capable of being let on a floor-by-floor basis.
The accommodation is finished to a Grade A specification to include raised access floors and the occupiers corporate fit out.
The fourth floor benefits from an external roof terrace to the front and side.
Accommodation
The measured floor areas of the subject on a Net Internal Area (NIA) basis are as follows:
Ground Floor - 268.8 Sq M (2,894 Sq Ft)
First Floor - 280.6 Sq M (3,021 Sq Ft)
Second Floor - 278.7 Sq M (3,000 Sq Ft)
Third Floor - 274.7 Sq M (2,956 Sq Ft)
Fourth Floor - 160.8 Sq M (1,730 Sq Ft)
Total - 1,263.6 Sq M (13,601 Sq Ft)
Tenancy
The building is let on a single full repairing and insuring lease to FinTrU Limited (Company Number 08815659) for a period of 10 years from 1 January 2021.
The 1 January 2026 rent review has been documented at £200,000 per annum equating to £14.70 psf.
A copy of the lease can be provided on request.
Tenure
The property is held freehold.
VAT
The property has been elected for VAT purposes and therefore it is expected that the investment sale will be considered as a Transfer of a Going Concern (TOGC).
Proposal
Offers in excess of £1,950,000 exclusive, equating to a net initial yield of 9.65% and a capital value of £143 psf.
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