Avenue House, Belfast

Property Details

Property Highlights

Fully let reversionary investment opportunity
Prominent location in Belfast City Centre
Producing £473,700 per annum exclusive
Offers in excess of £4,850,000 exclusive

Location

Avenue House is located at the corner of Royal Avenue and
Rosemary Street at the northern end of the prime retail pitch
Donegall Place, opposite the main entrance to Castlecourt Shopping Centre and adjacent to Tribeca development opportunity. The new University of Ulster City Campus is approximately 300 metres north whilst the proposed Belfast Stories site is approximately 200 metres north. Belfast City Council's community and cultural hub at 2 Royal Avenue which provides a free creative space in the heart of the city centre is directly opposite Avenue House. The immediate area is undergoing a transformation following the opening of the new University Campus and extensive PBSA developments adjacent to the Campus. This has led to a significant increase in footfall which has been underpinned by a number of new lettings in Castlecourt including The Avenue Cinema, Starbucks, TK Maxx and Poundland. New occupiers along the high street pitch in the surrounding area include JD Sports, Apple, River Island and Primark Home due to open on Donegall Place imminently. This all
underscores the improving nature of the location.

Description

Avenue House is a mixed-use retail and office investment providing accommodation over ground and 4 upper floors. The ground floor is accessed directly off Royal Avenue whilst the office accommodation is accessed off Rosemary Street.
The office element of the building benefits from a dedicated ground floor reception with lift access to the upper floors which benefit from natural light along Royal Avenue and Rosemary Street frontage. The building has been finished to an excellent standard throughout.

The net internal areas of each floor are as follows:

Ground Floor - HSBC Bank PLC - 5,300 Sq Ft 492.4 Sq M
First Floor - Law Society (NI) Financial Advice Ltd - 4,200 Sq Ft 390.2 Sq M
Second Floor - Intelling Ireland Limited - 4,100 Sq Ft 380.9 Sq M
Third Floor - Intelling Ireland Limited - 4,078 Sq Ft 378.9 Sq M
Fourth Floor - MGN Ltd - 4,050 Sq Ft 376.3 Sq M

Dataroom
Access to a dataroom with a full suite of relevant information is available upon request.

Tenure
Fee Farm Grant subject to a ground rent of £225 per annum.

Proposal
Offers in excess of £4,850,000
reflecting a Net Initial Yield of 9.15%.
(After purchaser's costs of 6.58%)