Newry Street, Banbridge

Prime Mixed-Use Investment Opportunity with Significant Value Add Potential

Location
The properties are located in Banbridge, County Down, a key regional town in Northern Ireland, on the Belfast to Dublin corridor. Newry is located only 15 miles (24 km) to the south and Belfast is also highly convenient, only 26 miles (41 km) to the north. Banbridge is well served by easy access off the A1
dual carriageway and benefits from direct bus links to Dublin Airport, and of course Belfast and Dublin too.

Banbridge has a population of 16,653 (2011 census) and in excess of 33,000 in the wider electoral area.

Situation
The properties are situated on Newry Street, Banbridge’s foremost retail promenade. The properties occupy a commanding site in the town centre and the 3 ground floor units boast expansive street frontage. Newry Street enjoys an extremely low vacancy rate thanks to an excellent mix of well established local businesses, national multiples and burgeoning new enterprises such as boutiques, coffee shops, restaurants and bars. Surrounding occupiers include Donaghy’s Shoes, Quail’s Butchers and Deli, Superdrug, Santander, O2, Clubworld Travel, Lidl, Iceland, The Downshire Arms, Blend and Batch, The Copper Lab and as well, Domino’s are set to shortly open on the street.

VAT:
We are advised the properties are not registered for VAT

Tenure:
We understand the property is held by way of freehold title

Proposal:
We have been instructed to seek offers in excess of £450,000 (Four Hundred and Fifty Thousand Pounds). A purchase at this level, reflects a net initial yield of 6.66%, rising to 7.19% in February 2021 and assuming full purchaser’s costs at 4.17%.

General Description

The property is of cavity brick construction with a pitched concrete tiled roof to the front and a pitched profile alloy clad roof return to the rear.

67 Newry Street - Hallmark 1,394 sq. ft.

A uniformly configured retail unit benefitting from glazed frontage, suspended ceilings with fluorescent light fittings, carpet floors, electric storage heating and air conditioning. Ancillary store and W.C is located to the rear. The unit is let to a personal trader and has successfully traded as Hallmark for more than 20 years.

69 Newry Street - Safari Grill 2,825 sq ft

A high specification licensed cafe/restaurant fitted and maintained to an exceptional standard. The unit enjoys a sheltered and recessed entrance secured by an electric roller shutter door. Accommodation extends to an open dining area, partially open kitchen, and extensive seating options including private booth style seating. The unit is fitted with decorative lighting, modern floor coverings and benefits from a well configured commercial kitchen, modern customer W.Cs, and rear access on to the car park at Commercial Road for staff and servicing. The unit is served by oil fired central heating system and mains gas for cooking.

71-73 Newry Street - Vacant (formerly Gaze)

A modern restaurant unit. The unit enjoys a full height glazing system to street level and modern timber clad panelling with roller shutter doors. Internally the unit remains with the former tenant’s fit out in situ. The unit has an array of modern seating with associated decorative features and a commercial kitchen. The unit benefits from a mains gas connection serving gas cooking functions.

69A Newry Street – Vacant Offices with Residential Approval 3,972 sq. ft.

The 1st floor space benefits from self contained access directly off Newry Street via a wide, open sided staircase. Accomodation comprises multiple self contained small offices, currently finished to a basic standard. Planning permission has recently been secured for conversion to three substantial residential penthouse apartments comprising two x 2 beds and 1 x 3 bed apartments. Planning reference: LA08/2019/0014/F, plans available upon request. Alternatively the space also has excellent potential for refurbishment to provide flexible workspaces or studio space. The frontage on to Newry Street provides good branding and signage opportunities. The 1st floor accommodation includes three dedicated private car parking spaces adjacent to the Council owned, public car park on Commercial Road.

NAVs

67 Newry Street NAV £15,900 69 Newry Street NAV £14,000 71-73 Newry Street NAV £20,800 69A Newry Street NAV £18,700

EPC Ratings

67 Newry Street, EPC C61 69 Newry Street, EPC C52 71-73 Newry Street, EPC C74 69A Newry Street, EPC G160 *A copy of EPC certificates can be made available upon request