Hillview House, 61 Church Road, Newtownabbey

Property Details

Location
Newtownabbey is 6 miles north of Belfast City Centre and has a district population of approx. 160,000 persons with an estimated population of 950,000 within a 30 minute drive time.

The suburb is strategically positioned off Junction 2 of the M2 Motorway providing ease of access to / from Belfast (6 minutes) and the rest of Northern Ireland. The main rail line linking Belfast to Carrickfergus and Larne runs in close proximity to the area.

George Best Belfast City Airport (15 minute drive time) and Belfast International Airport (20 minute drive time) are in close proximity to the property and afford ease of access for commuters.

The property occupies a prominent position on Church Road with the surrounding area characterised by medium to high density housing as well as commercial occupiers in Spirit Aerosystems (formerly Bombardier), BoxPak, SHS Group, Valley Business Centre, Tesco, B&Q and Marks and Spencer.

Hillview House is located within 500m of the Valley Business Centre, the Valley Leisure Park, Valley Retail Park, Abbey Leisure Park and the extremely popular Abbey Centre, one of Belfast's most successful shopping locations.

Description
Constructed in the 1980's and comprehensively refurbished in 1999, this single storey facility extends to approx. 55,135 sq ft on a self-contained 4.23 acre site.

Of steel frame construction with panels, ribbon fenestration, full height curtain wall glazing and feature canopy to the front entrance.

The facility is Capita's major hub in Northern Ireland and the tenant has recently spent capital on refurbing and upgrading the aesthetics within the building.

Internally the accommodation has been fitted out to the tenant's specification and provides an open plan office, call centre, data centre, workshops with meeting facilities, kitchens and staff facilities.

There are 250 car parking spaces providing an excellent ratio of 1:220 sq ft.

Planning
The building has full planning permission for a software development unit and call centre and is located within the settlement limit for Metropolitan Newtownabbey in an area zoned as a major area of existing employment / industry within Belfast Metropolitan Area Plan (BMAP).

VAT
The transaction will be treated as a Transfer of a Going Concern (TOGC).

Features

• Single storey Call Centre / Data Centre building extending to approx 55,315 sq ft with 250-space surface car park on a prominent 4.23 acre self-contained site.
• Let to Capita Managed IT Solutions Ltd with a guarantee from Capita Business Services Ltd on a full repairing and insuring lease expiring 15 November 2032.
• 5 yearly upwards only RPI linked rent reviews (cap of 4% per annum compounded).
• The current passing rent is off a low base at £577,500pa (£10.50/sqft). The next review is 16 November 2022 when the rent will rise to £702,644pa (£12.77/sqft). The vendor is proposing to 'top-up' the rent to the 2022 review.
• Hillview House acts as Capita's Northern Ireland Hub.
• Tenant only break option at the end of year 12, subject to 12 months written notice.
• 999 year ground lease from 31 December 1984 at a minimal (£1pa) ground rent, if demanded.
• Offers in excess of £7,500,000 exclusive of VAT and subject to contract which reflects an attractive Net Initial Yield of 7.2% rising to 8.8% in November 2022 and potentially 10.7% in 2027, equating to a low capital value of £135/sqft.