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Sold | Investment Property |
SOLD

Kwik-Fit Investment, 75 Francis Street Newtownards , BT23 7DX

SOLD

Key Information

Address Kwik-Fit Investment, 75 Francis Street, Newtownards
Style Investment Property
Status Sold
EPC

Features

  • Prime Investment Opportunity Let on FRI terms until 1st January 2029 with no breaks
  • Current Income £25,000 per annum with upward only rent reviews.
  • Let to Kwik-Fit (GB) Ltd who have outlets throughout the U.K.
  • Excelllent opportunity for an investor to benefit from long term investment income from a 'blue chip' tenant.
  • Offers are invited in excess of £345,000 - approximately 7% after allowing for purchasers costs of 3.7%.

Additional Information

Newtownards is a large town located on the Ards Peninsula in Co Down approximately 10 miles east of Belfast. According to the 2011 Census it has a popluation of approximately 28,000.
Within the context of Newtownards the subject property is positioned on Francis Street in the town centre a short distance from the prime shopping area. It is an established commercial/residential location and benefits froma high level of pedestrian footfall and vehicular traffic. It 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 parking to the front and to the rear. Internally the property is fitted as a tyre centre with fitting bays to include hydraulic car ramps, office area/reception, WC facilities and storage.

ACCOMMODATION
The bulding has an approximate gross internal area of 2,683 sq ft and is positioned on a site of c. 0.21 acre. 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 £25,000 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 tyre and exhaust centres throughout Great Britain. The following turnover and operating profits have been recorded over the past 2 years:
Year ending 31st March 2014. Operating Profit - £21.9M
Year ending 31st March 2014. Operating Profit - £21.6M.

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

PRICE
Offers are invited in excess of £345,000. A purchase price at this level provides for a net initial yield of approximately 7% after allowing for purchasers costs of 3.7%.

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 Commerical on 02890 308855 or 07887708796.

JOINT AGENTS
Campbell Cairns Tel 028 9024 0924

Travelling along Church Street from Ards Shopping Centre/LeWinters continue ontoFrancis Street. The property is on the right hand side before the petrol station.

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