Belfast Telegraph

Lurgan warehouse and retail site for sale for £430,000

The retail warehouse in Lurgan, which is currently let to Screwfix, is on the market for £430,000
The retail warehouse in Lurgan, which is currently let to Screwfix, is on the market for £430,000

A prominent retail warehouse in Lurgan has gone on the market for £430,000.

The warehouse, retail and storage site, which is currently let to UK construction products chain Screwfix, has been listed by commercial property agents Savills.

The unit occupies what the property agent has described as “an extremely prominent and convenient location on Millennium Way”.

Neighbouring occupiers in the surrounding area include Lidl, James Hamilton Group, Cake Decor, Boots, Lurgan Tyre Centre and Tesco Superstore.

The property was purpose built as a retail warehouse as part of a parade of four units on a self-contained site which benefits from free car parking.

Internally it covers 5,000 sq ft and is let to Screwfix Direct Limited for a period of 10 years from April 7, 2014.

Jamie Radcliffe, senior investment surveyor at Savills Northern Ireland, said: “Screwfix is the UK’s largest multi-channel retailer of trade tools and hardware products with 650 stores nationwide.

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“The business, which is also a part of Kingfisher PLC, has been in operation as Screwfix Direct Limited since 1995.

“The opportunity provides investors with an excellent Dun & Bradstreet tenant credit rating of 5A1 representing an excellent covenant with secure financial strength and low overall business risk.

“The tenant did not exercise its option to break with effect from April 7 this year providing investors with four and half years remaining on effective full repairing and insuring terms.

“The opportunity also benefits from planning approval for the sale of Open Class A1 goods from the unit.”

Savills is instructed to seek offers in excess of £430,000 for their client’s freehold/long leasehold interest, exclusive of VAT and subject to contract.

Meanwhile, in other parts of Northern Ireland three commercial properties in key retail and office locations have come on the property sales and rentals market.

Property agent Frazer Kidd has listed a “modern office accommodation with lift access” on Market Place in Lisburn.

The site is within Wallace Buildings in Lisburn city centre, directly adjacent to Lisburn Square and the underground car park.

Described as a “ready to go” lease, offers are invited in the region of £15,000 per annum.

Meanwhile in Banbridge, 70-78 Newry Street is seeking a tenant with various business interests (subject to planning) with an annual rental rate of £35,000.

The former home of fashion retailer M&Co, the store sits 100 metres from Banbridge bus station.

It features a spacious open plan shop and first floor storage accommodation extending to 3,198 sq ft.

Neighbouring retailers include Ground Espresso, Iceland, Boots, Superdrug, O2, New Look, Specsavers and House Proud.

And in east Belfast, 349 Woodstock Road has become available with an annual rent of £5,200.

The former retail outlet and showroom is “fitted to high standard” and would suit a variety of retail uses, according to Frazer Kidd.

Belfast Telegraph