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Sale agreed | Investment Property |
Sale agreed £450,000

Kwik-Fit Investment, 35-37 Church Street Portadown , BT62 3EU

Sale agreed £450,000

Key Information

Address Kwik-Fit Investment, 35-37 Church Street, Portadown
Style Investment Property
Status Sale agreed
Price Asking price £450,000
EPC

Features

  • Prime Investment Opportunity Let on FRI terms until 1st January 2029 with no breaks.
  • Current Income £36,000 per annum with upward only rent reviews.
  • Let to Kwik-Fit (GB) Ltd who have c. 621 outlets throughout the U.K.
  • For the year ending 31st March 2014, Kwik-Fit (GB) Ltd recorded a turnover of £519,087,000 and an operating profit of £21,922,000.
  • Excelllent opportunity for an investor to benefit from long term investment income from a 'blue chip' tenant.
  • Offers are invited in excess of £485,000 - 7.08% after allowing for purchasers costs of 4.8%.

Additional Information

Portadown is a busy market town located in Mid Ulster approximately 23 miles from Belfast. According to the 2011 Census it has a population of approximately 22,000.
Within the context of Portadown, the subject property is located fronting Church Street on the edge of Portadown within easy walking distance of the town centre. Church Street is a busy arterial route comprising a mix of commercial and residential property and is therefore an ideal location for a Kwik-Fit Tyre and Exhaust Centre.

DESCRIPTION
The property comprises of a single storey tyre and exhaust centre with surfaced parking to the front. The building is of steel frame construction with cladded pitched roof and concrete floor. Internally the property is fitted as a tyre centre with fitting bay to include hydraulic car ramps, office area/reception, WC facilities and storage.

ACCOMMODATION
The bulding has an approximate gross internal area of 4,232 sq ft. Further details are available on request.

LEASE DETAILS
The premises are let in their entirity to Kwik-Fit (G.B.) Ltd for a term of 25 years from 1st January 2004 with 5 yearly upward only rent reviews. The passing rent is currently £36,000 per annum. Under the terms of the lease the tenant is responsible for all repairs and insurance. A copy of the occupational lease is available from the selling agent via email.

TENANT COVENANT INFORMATION
Kwik-Fit is an instantly recognisable company with approximately 621 tyre and exhaust centres throughout Great Britian. The following turnover and operating profits have been recorded over the past 2 years:

Year ending 31st March 2013. Turnover £515,161,000. Operating Profit - £11,918,000
Year ending 31st March 2014. Turnover £519,087,000. Operating Profit - £21,922,000
Kwik-Fit's total net profit for year end March 2014 was £24.4M.

Accounts information for Kwik-Fit (G.B.) Ltd is available via email on request.

PRICE
Offers are invited in excess of £450,000.

VAT
The property is registered for VAT.

FURTHER INFORMATION/VIEWING
For further information or to view the property please contact Trevor Dougan at Dougan Residential and Commercial on 02890 308855 or 07887708796.
JOINT AGENTS
Campbell Cairns Tel 028 9024 0924

Travelling into Portadown Town Centre from the Armagh Road, the property is on the left hand side just after Duke Street,

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