Prominent Botanic Avenue property on sale for £800,000
A PROMINENT 4,200 sq ft building on Belfast's popular Botanic Avenue has been put up for sale, with offers expected to reach in excess of £800,000.
The property at 93/95 Botanic Avenue is let in its entirety to Bubbacue on a ten-year term from May 2017 at an initial rental of £55,000 a year,and it presents an attractive retail investment opportunity in the student heartland of the city.
The property comprises two terraced buildings which have been merged to provide a ground floor restaurant with upper floor office and storage accommodation allowing for future expansion of further seating.
Botanic Avenue is characterised by a large amount of young professional and student accommodation in the immediately surrounding area. This includes a new purpose-built student complex providing an additional 156 studios. Botanic train station is also a short distance from the property.
Neil McShane, director of capital markets at Lambert Smith Hampton, said: “Botanic Avenue has continued to increase its popularity for eateries, targeting the young demographic. This includes the property occupier, a recent addition to an already impressive line-up including French Village Café Bistro, Falafel, The Sphinx, Build-a-Burger and Boojum.
“We are seeking offers in excess of £800,000 exclusive of VAT and subject to contract. An offer at this level would reflect a net initial yield of 6.52 per cent after reflecting purchaser's costs of 5.49 per cent.”
He added: “Investment opportunities, such as this one, with a secured 10-year lease and no tenant break options, in the sub £1m market in Northern Ireland, are hard to come by. Bubbacue is a fantastic local success story and a great tenant.”