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For Sale

12B & C Clarendon Dock,

Belfast, BT1 3BG
Offers in excess of
£450,000
Investment Property

Property Overview

The subject property comprises a purpose built office building located within Clarendnon Dock, arranged over two floors of equal size and benefiting from 9 dedicated car parking spaces.

The bright and well-appointed offices are fully fitted and well configured to provide both open plan and partitioned officespace, reception area and staff kitchen. The property further benefits from both air conditioning and gas heating.

Tenancy

12C is let to Yarra Software Ltd for a term of 4 years and 11 months from 12th February 2019. Yarra Software is a Northern Ireland based software development company, whose primary objective is the delivery of quality software solutions and related support services.

www.yarrasoftware.com

12B is let to Clarendon Executive for a term of 1 year from 01/07/2020, the tenant has been in occupation for 19 years. Clarendon Executive is a consultancy that specialises in Executive Search, Interim Management and sourcing Non-Executive Directors. They are a leading corporate headhunter in Northern Ireland.

www.clarendonexecutive.com

Tenure

The property is held by way of long leasehold title for a term of 248 years from 2 June 1999 subject to an annual ground rent which currently equates to £8,407 p.a. which is billed to the leaseholder and paid by the occupational tenants. This is subject to 5 yearly rent reviews.

The leaseholder must pay 12.5 % of the service charge levied on the property via the Head and superior Landlord. Currently this equates to £14,029 p.a (c. £2.83 psf). The Tenant also has the right to use 9 specified car parking spaces.

Proposal

Offers invited in excess of £450,000 reflecting 6.5% after purchaser’s costs of 4.5%, reversionary potential of 12.6% and a low capital value per square foot of £91.

EPC

EPC Certificates are available on request.

Contact

Stephen Chambers, Associate Director, Investment
DD: 07710 700872
E: schambers@lisney.com

Jonathan Haughey, Surveyor, Investment
DD: 07718 571498
E: jhaughey@lisney.com

The subject property comprises a purpose built office building located within Clarendnon Dock, arranged over two floors of equal size and benefiting from 9 dedicated car parking spaces. The bright and well-appointed offices are fully fitted and well configured to provide both open plan and partitioned

  • Two own door office units extending to 4,950 sq.ft. arranged over 2 floors.
  • Let to established tenants Clarendon Executive and Yarra Software.
  • Passing rent of £37,500 p.a. reflecting a low average rent of £10 per square foot.
  • Vacant suite which is fully fitted and ready for immediate occupation.
  • 9 car parking spaces.
  • Offers invited in excess of £450,000 reflecting 6.5% after purchasers costs of 4.5%, reversionary potential of 12.6% and a low capital value per square foot of £91.

Accommodation

Full EPC certificate available on request.

UnitTenantSizeRent paService Charge paNAV (payable)
12b GroundVacant1200 sq.ft.Nil£3,396£14,000 (£7,532)
12b First FloorClarendon Executive1352sq.ft.1352sq.ft.£3,826£16,000 (£8,608)
Total2552sq.ft.Plus 3 car parking spaces
12c Ground and Yarra 1184sq.ft.£25,000£6,786£29,400 (£15,817)
First FloorSoftware1214sq.ft.Plus 6 car parking spaces
Total2398sq.ft.
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