Prime City Centre Office Investment

Investment Summary

Iconic building in Derry
Prime location on Strand Road
One of the busiest locations in the City
Let to multiple tenants
90% let
Obvious asset management opportunities
Current income of £188,137 per annum
Held Long Leasehold

Location

Derry / Londonderry is Northern Ireland's second largest city
with a population of 100,000 people and a catchment population of around 240,000 people.
The City is the main administrative hub for the Northwest of Ireland.
Furthermore, it is the main tourist and Cultural Centre for the Northwest providing a major link to Donegal to the West and Coleraine / Portrush to the East. Major employers in the area include Seagate, Allstate, FinTrU, Du Pont, Axa and The University of Magee is embarking on a major expansion plan with the newSchool of Medicine having opened for interface in 2022.
Derry / Londonderry is also involved in the UK government City Deals process.
The City Deal is key to the delivery of the local council's strategic growth plan 2017-2032. The inclusive growth plan commits to improving the city and regions competitiveness. It also will be a major catalyst to the further regeneration to the city and allow delivery of key infrastructure, research, innovation, tourism and regeneration projects.
Average Spend £47 per visit
Average visits 5.2 per month
500,000 tourists in 2022
£623 Million of retail expenditure within a 20 minute catchment

Description

The Embassy building is a modern office building located
within the central core of this historic City, in close proximity to the main shopping areas of Strand Road, Waterloo Place and Shipquay Street.
A landmark building within the City, the property is arranged over ground floor retail and six upper floors of offices.
Internally, the offices are presented well and accessed via the main entrance directly onto Strand Road.
The Office accommodation on the upper floors is finished to a high standard and offers great flexible space.
Each floor is capable of subdivision and hence meeting all different size requirements and tenants needs.
The property may lend itself to alternative uses subject to any necessary planning consents that may be required.
Currently approx 90% let - the vacant spaces allows the investor to increase the quantum of rental income as well as creating further value in the investment.

Asset Management Opportunities

Increase WAULT through letting vacant space and regearing existing leases
Investigate medium / longer term conversion to residential or short stay use, subject to planning
Potential to acquire ground floor retail unit

Tenancy Schedule

See attached brochure

Size

2,183 Sq M
23,501 Sq Ft

Tenure

Long Leasehold.

VAT

The property is elected for VAT and will be payable on the purchase price, however, it is intended that the sale will be treated as a Transfer of a Going Concern (TOFC).

EPC Performance Certificate

All available upon request.

Proposal

We are instructed to seek offers in excess of £1,750,000
(one million, seven hundred and fifty thousand pounds sterling) exc. A purchase at this level would reflect an extremely attractive low capital value of £74 / sq. ft.