4, 6 And 8, Castle Street, Londonderry

Property Details

Investment Summary
Obvious buildings in Derry.
Prime location on Castle Street.
One of the busiest locations/thoroughfares in the City.
Let to multiple local tenants.
Extending to over 7000 sq ft of buildings
Refurbishment opportunity on the upper floors.
Obvious asset management opportunities.
Potential estimated rental income in excess of £85,000pa.
Held Long Leasehold

The larger building ( No.4 and 6) was newly constructed in the 1980's to an excellent standard.

The ground floor of No.4 is self-contained and has been fully let to a local barbers t/a 'Baldies Barbers' for many years.

No.6 benefits from a self-contained ground floor unit that was recently utilised as the reception area for the solicitors on the upper floors.

The upper floors of No.6 and No.4 are accessed via a separate entrance and provide secure access to the 2 floors of offices above. These offices have been home to a local
firm of solicitors for many years but will be vacated prior to any sale.

No.8 Castle Street built approx. 20 years ago benefits from a self- contained ground floor retail unit and has been fully let to a ladies hair salon t/a Brooke for many years.

The upper floors of No.8 are vacant and accessed by way of their own secure entrance between Nos. 6 and 8 Castle street. These offices are currently vacant.

The upper floors would be perfect for local offices/serviced office solution or very much in vogue now change of use to residential - student accommodation for UU At Magee -
subject to any necessary planning and statutory consents.

The University of Ulster currently have a live requirement for special purpose student accommodation capable of providing a minimum of 20 bedrooms in a single building.

The buildings extend to over 7000 sq ft of space

Tenure
Assumed long leasehold.

VAT
No.8 Castle Street is elected for VAT and hence vat will be payable on that property.
No. 4 and 6 are not elected for vat and hence no vat applicable to the purchase price.

Rates Payable
Further details available on request.

Proposal
We are instructed to seek offers in excess of £650,000 (six hundred and fifty thousand pounds sterling).

Consideration may be given to splitting the property into 3 lots as below:

Ground Floor No. 4: £110,000

Ground floor No.6 and Upper Floors of No.6 and No.4: £350,000

Ground and Upper Floors of No.8: £250,000