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Key Information

Address 2-4 Waterside, Coleraine
Style Investment Property
Status For sale
Price Offers over £700,000

Additional Information

A superb and substantial mixed residential and commercial building sitting on an impressive and convenient corner plot within the town centre of Coleraine.  The building which delivers a stable monthly return has been cared for sympathetically with the grade B2 listing status in mind and is likely to prove an astute investment opportunity.

The 3 storey building consists of 2 No. ground floor commercial units of c. 640 sq. ft. & 1,798 sq. ft. and 14 No. apartments (10 No. 1-Beds, 3 No. 2-Beds & 1 No. 3-Bed).

Unit 2-4 Waterside extends to c. 1,798 sq. ft. and is occupied by Pizza Pomodoro. Unit 2A Waterside extends to 640 sq. ft. and is occupied by Chinese Medical. The property is currently producing a gross annual income of c. £68,000 with the potential to increase this upon letting two vacant apartments. Externally the property is finished with part red brick and painted render with a slate pitched roof. The building has been listed to Grade B2 status.

 

SPECIFICATIONS

The apartments are finished to the following specification:

Plastered/painted walls and ceilings
Carpeted / vinyl flooring
Fitted kitchens with tiling to walls
Bathrooms with sanitary ware
Economy 7 storage heating;

The retail units are finished to the following specification:

Plastered/painted walls and ceilings
Glazed frontage with an electronic roller shutter
Suspended ceilings
Windows in aluminium frames

 

LEASE DETAILS

Apartments 1-14

Twelve of the fourteen apartments are currently let contributing to a current residential annual income of over £41,000.  

2-4 Waterside

Tenant: Private Individual t/a Pizza Pomodoro

Term: 21 years from 1st May 2015

Current Passing Rent: £22,000 per annum

Repairs: Full Repairing and Insuring

Rent Reviews: Years 3,6,12&15

2A Waterside

Tenant: Private individual t/a Chinese Medical

Term: 10 years from 1st February 2018

Current Passing Rent: £5,040 per annum

Repairs: Full Repairing and Insuring

Rent Reviews: 1st February 2023 and every fifth anniversary thereof

A full tenancy schedule is available on request.

 

RATEABLE VALUE

2 Waterside

We are advised of the following:

Net Annual Value: £2,450

Rate in the £ 2019/2020: £0.588556

Estimated Rates Payable: £1,441.96

2A Waterside

We are advised of the following:

Net Annual Value: £3,200

Rate in the £ 2019/2020: £0.588556

Estimated Rates Payable: £1,883.38

4 Waterside

We are advised of the following:

Net Annual Value: £5,900

Rate in the £ 2019/2020: £0.588556

Estimated Rates Payable: £3,472.48

 

TENURE

Freehold

 

VIEWINGS

Viewings by appointment only;

Qualification of ability to fund purchase will be required before viewing appointment can be booked;

Face coverings are required for internal inspection;