Details
Units 20-21 Harbour Court – KCC Architectural occupy the entirety of units 20-21 within Harbour Court. This end terrace unit consists of steel portal frame construction. The requirements of the business were considered when designing the premises, comprising a trade counter, private/open plan offices and a store. At the front of the units, there is a surface car park and to the rear, there is a yard for servicing.
Unit 23 Harbour Court – Unit 23 is a mid-terrace business unit. This unit offers office accommodation that has been fully fitted on the first floor as well as the warehouse. There is a
surface car park at the front of the premises.
PROPOSAL
Units 20-21 – Offers invited over £670,000 (Six Hundred and Seventy Thousand Pounds) exclusive of VAT, reflecting a net initial yield of 8.51% after deduction of standard purchaser’s costs of 4.93%
Unit 23 – Offers invited over £285,000 (Two Hundred and Eighty-Five Thousand Pounds) exclusive of VAT, reflecting a net initial yield of 8.51% after deduction of standard purchaser’s costs of 2.81%.
The investments are available either individually or combined.
We have been advised by Land and Property Services that the NAVs of the units comprise the following:
| Unit (s) | NAV |
|---|---|
| 20-21 | £32,900 |
| 23 | £15,600 |
The rate in the £ for 2022/23 in the Belfast City Council area is £0.551045.
All prices, rentals and outgoings are quoted net of VAT which may be chargeable.
| Unit(s) | Floor | Sq Ft | Sq M |
|---|---|---|---|
| Units 20-21 Harbour Court | Ground Floor Reception/Trade Counter | 516 | 48 |
| Ground Floor Warehouse | 5,543 | 515 | |
| First Floor Offices, WC & Kitchen | 4,510 | 419 | |
| Total | 10,569 | 982 | |
| Unit 23 Harbour Court | Ground Floor Reception & Kitchen | 753 | 70 |
| Ground Floor Warehouse | 2,077 | 193 | |
| First Floor Offices | 1,603 | 149 | |
| First Floor Storage | 581 | 54 | |
| Total | 5,014 | 466 |
Contact: Mark Thallon
Tel: 028 9089 4066
Mobile: 07802 520008
Email: mark.thallon@tdkproperty.com
Contact: Jamie Crichton
Tel: 028 9089 4067
Email: jamie.crichton@tdkproperty.com
The subject premises are located within Sydenham Business Park, accessed from Heron Road in Belfast Harbour Estate. Belfast City Centre is 3 miles northeast of Harbour Court. There are a range of well-known occupiers within Harbour Court consisting of Momentum, Aircon and Pinnacle and nearby occupiers include Otis Lifts, Phoenix Gas and Health and Social Care. This location benefits from good motorway networks and public transportation to Belfast City Airport and the city centre.
Units 20-21
Unit 23
| Tenant | KCC Door Hardware & Security Solutions Ltd |
|---|---|
| Term | New 15-year full repairing and insuring lease with a tenant option to break at the anniversary of 10 years subject to 6 months prior written notice. |
| Rent | Units 20-21 - £60,000 pa plus VAT Unit 23 - £25,000 pa plus VAT |
| Rent Review | Every 5th year in line with RPI capped at 2% pa compounded. |
| Ground Rent | Balance of 120 year long lease from 2001 subject to an annual ground rent which is payable by the tenant. Units 20-21 - £11,904 pa plus VAT Unit 23 - £5,560 pa plus VAT |
| Service Charge | Currently estimated for 2021/2022 at £1,536 pa plus VAT for units 20-21 and £716 pa plus VAT for unit 23 (Payable by the tenant). |