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1 - 3 Queen Street & 56 Castle Street, Belfast, BT1 1HD

Price £1,350,000
  • status Sale
  • style Commercial Land
  • Price Price £1,350,000
  • Style Commercial Land
  • EPC Rating A104
    EPC
  • Status Sale
Gerry O'Connor GOC Estate Agents Office: 028 9066 2366 DDI: 02890662366
Gerry O'Connor

Description

LOCATION Belfast is Northern Ireland's capital city and largest urban settlement, having a population of c. 670,000 within its Metropolitan area. The city is located approximately 103 miles north of Dublin and 75 miles southeast of Londonderry. The subject property is prominently located at the junction of Castle Street and Queen Street in the heart of the City Centre. The immediate vicinity comprises a mix of retailers, cafes and offices, with neighbouring occupiers including Primark, Mourne Seafood and the Law Centre NI. Additionally the property is situated in close proximity to Castle Court Shopping Centre and the city's prime retailing core. DESCRIPTION The subject comprises an impressive three-storey period building with a two-storey modern extension. The period building has a traditional brick external finish and benefits from a number of original features. The building has a curved sandstone side entrance with bow windows above and ornamental finials surrounding the perimeter of the roof. The modern section of the property fronting Queen Street has a rendered external finish, a flat roof, feature window trims on the first floor and roller shutter goods-in access to the street. The ground floor of the period building and entire modern extension (highlighted yellow) have been let to Poundstretcher Limited since 1997, with a current passing rent of £50,000 per annum. SITE AREA The overall site extends to c. 0.16 acres. PLANNING/REDEVELOPMENT POTENTIAL The subject is located within the City Centre development limit and is zoned as being within a conservation area according to the current Belfast Metropolitan Area Plan (Map No. 2/001 Belfast City Centre). Subject to planning the subject offers obvious long term redevelopment potential. The 0.16 Acre (650 sq m) site would be suitable for redevelopment into a variety of uses including retail, office, residential accommodation or a mixed use scheme involving a combination of the three. TENANCY The ground floor of the period building and entire modern extension (highlighted yellow) have been let to Poundstretcher Limited for a term of 10 years from December 2014 at a rental of £50,000 per annum. SALES DETAILS PRICE We are seeking offers in the region of £1,350,000. TITLE We assume the property is held under freehold title. NET ANNUAL VALUE We are advised by the Land and Property Service that the NAV for the subject property is £44,000. The commercial rate in the pound for 2021/2022 is £0.543147. VAT All prices, outgoings etc are exclusive of, but may be subject to VAT.

Features

  • Income Producing City Centre Buildings with Redevelopment Potential
  • Subject to Planning the Subject Offers Redevelopment Potential
  • Immediate Vicinity Comprises a Mix of Retailers, Cafes and Offices
  • In Close Proximity to the City's Prime Retailing Core
  • One of the Youngest and Fastest Growing Populations in Europe
  • M1 & M2 Motorways within Close Proximity via Westlink
  • Glider Route, Metro and Rail Services within Walking Distance

Location

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The subject property is prominently located at the junction of Castle Street and Queen Street in the heart of the City Centre.

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Disclaimer: The following calculations act as a guide only, and are based on a typical repayment mortgage model. Financial decisions should not be made based on these calculations and accuracy is not guaranteed. Always seek professional advice before making any financial decisions.

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