Modern Office Investment, 15 Pilots View, Sydenham Business Park, Belfast, BT3 9LE

Additional Information

• Prominent commercial building located within the Belfast Harbour Estate
• 10 Year FRI Lease from 15th March 2023
• £30,000 rental income per annum exclusive of VAT
• Net Initial Yield: c. 8.1 % (after 5.5 % costs)
• CAT 5 Cabling
• Raised Access Flooring
• Suspended Ceilings with LED Lighting
• Air Conditioning
• Fire Alarm System

Modern Office Investment – Strong Covenant / 10-Year FRI Lease

We are delighted to present this high-specification office investment opportunity located within one of Belfast’s leading office and industrial destinations. Pilots View forms part of the well-established Sydenham Business Park, situated off Heron Road within the Belfast Harbour Estate. The surrounding occupiers include Bombardier, BP, Phoenix Natural Gas, DfC, and CEM Systems, confirming the area’s strong corporate profile. The property lies approximately three miles from Belfast City Centre and a short distance from George Best Belfast City Airport, offering excellent connectivity to the M1, M2 and wider road network.

The property comprises a modern detached two-storey business unit extending to approximately 3,200 sq ft, with 17 allocated car-parking spaces. It is of steel portal-frame construction with solid concrete floors, finished externally in part metal cladding and part blockwork. Internally, the accommodation has been fitted to a very high specification throughout, including open-plan and cellular office layouts with air-conditioning, suspended ceilings, LED lighting, double-glazed windows and full data cabling. The presentation throughout is to a corporate standard, ready for continued occupation without expenditure.

The building is let in its entirety to Hurree Ltd, a Belfast-based software and technology company with a strong trading history and expanding international client base. The lease commenced on 15 March 2023 for a term of ten years. The current passing rent is £30,000 per annum. The agreement is on a Full Repairing and Insuring (FRI) basis, with the tenant responsible for all repairs, maintenance, insurance, rates and the ground rent payable to Belfast Harbour Commissioners. As a result, there are no operating or management costs for the landlord, and the rent represents a true net income.

At a guide price of £350,000, the investment reflects a net initial yield of approximately 8.1 %, which is highly competitive within the current Belfast office market. The property offers a secure five-year term certain, strong covenant quality and excellent asset fundamentals in a prime harbour-side location.

In summary, 15 Pilots View provides a hands-off, income-producing investment combining a modern specification, reputable tenant, and fully repairing lease structure. It represents an ideal acquisition for private and SIPP investors seeking a stable, low-maintenance return from a quality commercial asset in one of Belfast’s most accessible and established business environments.

Tenant: Hurree Limited
Term: 10 Years
Commencement: 15th March 2023
Current Rent: £30,000 per annum
Repair: Tenant responsible for internal and external repairs
Break: The tenant has the right to terminate the lease of the 5th anniversary
Rent Review: Year 5

NAV: £42,900
RATES PAYABLE: £25,712.63
The tenant is responsible for payment of the rates during the period of their tenancy.

Seeking offers in the region of £350,000.
An acquisition at this level would reflect a net initial yield of 8.13% after purchaser’s costs of 5.5%.

Long Leasehold with tenant responsible for Service Charge payable under Head Lease.

These particulars are issued by Bradley Estates NI Ltd on the understanding that any negotiations relating to the property are conducted through them. Whilst every care is taken in preparing them, Bradley Estates NI Ltd for themselves and for the vendor/lessor whose agents they are, give notice that:- (i) the particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract, (ii) any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access or any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness, (iii) neither Bradley Estates NI Ltd, nor any of their employees have any authority to make any or give any representation or warranty in relation to the property. Note: All plans and photographs are for identification purposes only. Subject to contract.