PROPERTY SUMMARY
• Single let medical office investment property of 8,700 sq ft.
• Established tenant in occupation.
• Let on a 25 year lease, with tenant only break clauses at the end of Years 12, 15 and 20.
• Fixed rental uplifts to the end of year 15.
• Extensive tenant fit-out
• Set on a self-contained site of c.0.5 acres
• Offers invited in excess of £1,360,000 – NIY – 7.5% assuming standard purchasers’ costs reflecting c. £156 psf capital value.
DESCRIPTION
The property is located on a c. 0.5 acre site, secured by a metal fence and gated entrance and provides c. 25 car parking spaces. The building is a two storey office of traditional construction providing 8,700 sq ft (net). Internally the building was returned to a shell specification c. 2 years ago to facilitate the installation of an extensive tenant fit out.
The building has been finished to an extremely high standard with the ground floor providing a combination of MRI, CT scanning and ultrasound rooms with ancillary waiting rooms.
The first floor has been fitted out to provide staff changing, staff welfare space and private offices. A copy of floor plans reflecting the fit-out are available for review.
TENANCY DETAILS
The property is held by Alliance Medical Diagnostic Imaging (Northern Ireland) Limited for 25 years from 21 February 2023, with tenant only break clauses at the end of Years 12, 15 and 20.
The lease provides for fixed rental uplifts as set out below;
• Years 1-2 £72,500 per annum exclusive
• Years 3-5 £108,750 per annum exclusive
• Years 6-10 £121,800 per annum exclusive
• Years 11-15 £134,850 per annum exclusive
From Year 16 onwards the rent will be reviewed to open market (upwards only basis).
The tenant is obligated, at lease end/expiry, to return the property to open plan shell specification.
A Schedule of Condition was prepared at lease commencement.
PRICE
Offers invited in excess of £1,360,000 reflecting 7.5% after normal purchaser’s costs based upon an annual rent of £108,750 per annum exclusive.
VAT
VAT will be charged on the purchase price.