Linen Green Designer Village

Linen Green
Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Investment, Asset Management
& Development Opportunity
On the instructions of Tom Keenan of Keenan CF,
acting as Administrator of Jermon Ltd.
www.thelinengreen.co.uk
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
“Opportunity to acquire a thriving,
long established and well regarded designer
village investment with asset management
and further development potential”
2
5
4
5
Ri
gh
tO
fW
ay
Boundaries for indicitive purposes only
3
1 The Dye House
2 The Workshop, The Cloth Loft
& The Weaving Sheds
3 The Warehouse & The Glass House
4 The Frame House, The Bleach House
& Lamont Warehouse
5 Former Post Office & Grahams Buildings
1
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Opportunity Summary
“ This was our first trip to Ireland
in quite some time. Our family took us to
the Linen Green for lunch, a really pleasant
surprise. The coffee was good as is the
apple pie. Enjoy. Be aware it’s very busy.”
Trip Advisor comment. Visited September 2012, Wolverhampton, West Midlands.
The salient details and opportunities
are as follows:
•
Comprises a number of buildings extending to approximately
140,434 sq ft (disregarding derelict buildings to rear)
•
Entire site measures 11.35 acres (4.59 hectares)
•
Retail units are circa 85% let, with a number of new lettings
having recently been agreed
•
Rental tone now established at £8 -12 psf with new lettings reflecting these levels
•
Tenants include PWC, Bedeck and Pavers (40% of current passing rent)
•
PWC and Bedeck leases benefit from an RPI and a fixed uplift respectively
•
Reposition the scheme to include more multiple national tenants to build on the current retail offer and footfall
•
Considerably increase rental income through active
asset management
•
Refurbishment or redevelopment of vacant and derelict buildings and land
•
Provision of additional parking to the rear
•
Capable of generating tax allowances through refurbishment utilising Business Premises Renovation Allowances (BPRA)
•
The scheme currently produces a gross income of approximately £595,813 per annum and a net income after service charge and vacant rates shortfalls of approximately £534,098 per annum
We are instructed to seek offers in the region
of £5,000,000 (Five Million Pounds) for our
client’s freehold interest
•
•
A purchase at this level would reflect a net initial yield after service charge and rates
shortfalls of 10% and an attractive capital value of £36 per sq ft overall (disregarding derelict buildings to rear)
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Location
15 Mins Drive
30 Mins Drive
Dungannon is classified as a medium town in
County Tyrone, close to the south western shores
of Lough Neagh and approximately 40 miles
west of Belfast. The town had a population
of 15,889 at the 2011 Census.
60 Mins Drive
The town serves a large rural hinterland,
and the population of the Dungannon
Local Government District which
includes surrounding settlements such
as Coalisland, Donaghmore, Ballygawley
and spreading as far west as
Clogher, was 57,852.
BALLYCASTLE
COLERAINE
BALLYMONEY
LETTERKENNY
The town continues to have a strong
industrial base, primarily situated at
Granville, with occupiers in the area
including Linden Foods and Moy Park.
N13
DERRY/
LONDONDERRY
DUNGIVEN
N13
A6
M2
BALLYMENA
N15
A36
LARNE
A26
A6
Linen Green situated in Moygashel
village which falls within the Dungannon
settlement limit, approximately 1 mile
south of Dungannon town centre and
less than a mile from junction 15 of
the M1 motorway.
Linen Green has established itself as
a highly popular destination boutique
retailing experience. Due to its proximity
near the M1 Linen Green is accessible
from all over Northern Ireland and has
a wide draw, with shoppers travelling
from Belfast (40 miles), Lisburn (33 miles),
Craigavon (18 miles), Enniskillen
(45 miles) and Omagh (30 miles), which
are all within 60 minutes’ drive time.
A2
A8
9
A31
ir
Fa
M2
la
cu
Cir
d
oa
rR
M22
A5
OMAGH
ad
in R
o
sonv
ille R
oad
ille T
erra
Nev
1
M
yga
A24
she
A27
Moygashel
A7
Mo
ARMAGH
29
A1
N2
/A
CRAIGAVON
A3
Ln
ENNISKILLEN
el
PORTADOWN
d
A28
oa
ille R
M1
DUNGANNON
sh
sonv
A4
ga
oy
Jack
A55
Jack
M
NEWTOWNARDS
d
BELFAST
A29
BANGOR
ce /
Main
Roa
A32
A2
Ma
M5
COOKSTOWN
1
M
Sy
w
l Ro
ert
A28
aR
A1
NEWRY
M1
ad
Jakies Ro
A4
d
N2
oa
N12
ugh
dlo
Woo
Road
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Asset Overview
Linen Green, together with its surrounding land and buildings sits
on a site extending to some 11.35 acres. The site benefits from two entrances
from Main Road. There is an additional entrance serving Lamont
Warehouse and two rights of access serving the rear of the property.
A cycle and foot path connects Dungannon Park with Linen Green
(to the left of The Dye House).
Linen Green is a retail leisure and office scheme, developed on part of the site
of a former linen mill complex. The scheme hosts a range of local and national
occupiers including PWC, Bedeck, Pavers and Ulster Weavers.
Linen Green was developed between the early 1990s and mid 2000s as
a designer village but has evolved over the years to host a wider range of
tenants. As well as boutique fashion and homeware retailers, it now also
features a farm shop, restaurants, offices and medical occupiers.
1
1
The Dye House
2
The Workshop, The Cloth Loft
The Weaving Sheds
3
Ma
in
Ro
ad
2
3
5
The Warehouse & The Glass House
4
The Frame House, The Bleach
House, Lamont Warehouse
5
Grahams Buildings
& Former Post Office
5
Main
Roa
d
4
The scheme is served by approximately 180 car parking spaces. In addition
there are approximately 50 spaces situated to the rear of The Dye House, which
are demised to PriceWaterhouseCoopers. Furthermore, there is surplus land
to the site, which may be suitable for future car parking needs.
As well as the retailing and office element of Linen Green, there are a number
of vacant and derelict buildings and surplus land to the rear and side of the
complex. These elements are suitable for redevelopment and refurbishment
and include the former Moygashel Post Office building, subject to planning.
Linen Green is historically important within the Mid Ulster area as a former
centre for the linen industry. Linen Green presently hosts a small museum and
exhibition centre, as a tribute to the areas industrial past. As a result
Linen Green benefits from ‘Brown Signs’ (tourist signage) which give road
directions from the surrounding area including from the M1.
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
The Dye House
Description
of Linen
Green
The retail, leisure and office elements
of the development are constructed
using cavity block with rendered and
painted exterior and facing brick
cavity wall to retail frontage. The
floor of the retail units mostly benefit
from concrete floors. The roofs are
generally pitched steel frame with
corrugated metal sheeting or slates.
The shop fronts have a mix of timber
double glazed and uPVC windows
and velux windows are provided
at roofline level.
The retail, leisure and office
accommodation of Linen Green
comprises four elements, namely;
The Dye House
The Workshop, The Cloth Loft
The Weaving Shed
The Warehouse, The Glasshouse
The Frame House
The Bleach House
1
The Dye House
The Dye House comprises a newly
constructed ‘L’ shaped two storey
detached parade of seven retail
units, a restaurant, an office suite
and surgery unit. We understand the
foundations are piled. PWC’s offices
(9,162 sq ft) are fitted out to an
exceptionally high standard.
The property measures approximately
34,504 sq ft in total and is located
to the north east of the Linen
Green complex.
2
The Workshop,
The Cloth Loft &
The Weaving Shed
The Workshop, The Cloth Loft &
The Weaving Shed are another
original element of The Linen Green
development and have been hosting
traders for over 15 years. The first
floor hosts the Linen Green museum
along with an associated function
room. The buildings form an ‘L’ shape
around the main car parking area and
provides approximately 26,963 sq ft
of exhibition, retail and office space.
The Weaving Shed
3
The Warehouse
& The Glasshouse
The Warehouse & The Glasshouse
comprise a prominent two storey retail
and office building (The Glasshouse)
with a single storey parade of retail
units to one side (The Warehouse).
The property provides ten retail units
in total extending to approximately
13,865 sq ft.
The office accommodation at first
floor level extends to 6,610 sq ft and
is presented in shell condition and
requires fitting out.
4
The Frame House
& The Bleach House
The Frame House is an original element
of The Linen Green development and
comprises a parade of retail units
and office accommodation extending
to approximately 14,252 sq ft.
The Bleach House provides warehousing
of approximately 20,439 sq ft, which
can be accessed separately or internally
from the first floor of The Frame House.
Units A and B within the Bleach
House are in very poor condition
and require refurbishment.
Description
of Additional
Buildings
Also included within the periphery
of the Linen Green are three
components suitable for further
development or refurbishment and
which are included in the
sale, namely;
Lamont Warehouse
4
Lamont Warehouse
5
Former Post Office
The Lamont Warehouse extends
to approximately 21,851 sq ft and
is accessed separately to Linen
Green off Main Road (beside the
Former Post Office). The building also
intercommunicates with The Bleach
House. The building is constructed
with a concrete floor and the roof
is covered in what appears to be
asbestos corrugated panels. It is in
a very poor state of repair and
requires refurbishment.
The Former Post Office building was
originally constructed as a dwelling
but was later converted to commercial
use. We understand it comprises a
commercial unit at ground floor with
a kitchen and two reception rooms.
At first floor there are three bedrooms
and a bathroom.
Former Post Office
Grahams Buildings
(Derelict Outbuildings)
The property appears to be in poor
condition, having been unoccupied for
a number of years and now requires
modernisation. The building extends
to circa 1,950 sq ft.
5
Grahams Buildings
(Derelict Outbuildings)
Grahams Buildings comprise a series of former textile factory buildings
and sheds which are now derelict. The buildings appear to have been vacant
for a number of years and are now suitable for demolition. Some of the
units were recently used as vehicle repair workshops.
The buildings mostly have asbestos pitched roofs. The gross external foot
print of the buildings is circa 25,000 sq ft.
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
The Dye House
Plans & Floor Areas
4
9c
2/3
1
4
4
A complete set of architect’s floor plans
has been complied by Des Cairns Architecture.
The plans detail internal layouts and
corresponding gross internal floor areas.
The plans are available within the
Purchasers’ Pack.
7
The Dye House
5
5a
Unit Tenant
Gross Internal Floor Area (Approx)
6
1
Vacant Bar
275.80m2 2969 ft2
2 / 3
Pavers
288.13m2 3101 ft2
4
Bedeck Ltd
1047.53m2 11276 ft2
5
Vacant Shop
89.30m2 961 ft2
5a
A La Mode
89.30m2 961 ft2
6
The Sports Studio
89.79m2 966 ft2
6a
Janet McCready
89.52m2 964 ft2
7
Pricewaterhouse
Coopers
851.18m2 9162 ft2
8
Vacant Shop
210.70m2 2268 ft2
9c
Oasis Dental Surgery 210.70m2 2268 ft2
6a
7
8
PriceWaterhouseCoopers offices, The Dye House
First Floor
1
Ground Floor
Total
3205.53 m2
34504 ft2
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
The Frame House
The Framehouse
& The Bleach House
7
6
5
4
3
The Frame House
1
2
1a
7
Ground Floor
6
5
4
3
2
1
1a
Plans & Floor Areas
Ground Floor
The Framehouse
& The Bleach House
Ground Floor
8a
8b
Unit Tenant
The Frame House
1
The Bleach House
8b
Vacant
A House
The Bleach
8e
First Floor
8c
8a 1a
Gross Internal Floor Area (Approx)
Moygashel Post Office 64.46 m2 694 ft2
The Frame
Miss Maggies
House
18.46 m2 199 ft2
2
Vacant Shop
88.43 m2 952 ft2
3
David Graham
Hairdessing
88.36 m2 951 ft2
4
The Boudoir
89.23 m2
960 ft2
5
Paul’s Boutique
89.22 m2
960 ft2
8d
6
Paperworks
79.20 m2
853 ft2
7
The Lingerie Room
100.07 m2
1077 ft2
6
8b
Vacant Offices
470.96 m2
5069 ft2
8a,c,d Tailored Image Ltd
1143.29 m2
12306 ft2
8e
Vacant Warehouse
331.34 m2
3567 ft2
A
Vacant Warehouse
522.09 m2
5620 ft2
B
Vacant Warehouse
137.81 m2
1483 ft2
3222.92 m2
34691 ft2
Vacant A
8d
Vacant B
8e
First Floor
8c
8f
Lamont Warehouse
8F
Total
Lamont Warehouse
The Framehouse
Lamont Warehouse
Lamont Warehouse
Unit Tenant
Gross Internal Floor Area (Approx)
8f
2030.05 m2
21851 ft2
2030.05 m2
21851 ft2
Lamont Warehouse
Total
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
The Warehouse
& The Glass House
The Glass House
First Floor
Vacant Offices
Plans & Floor Areas
Vacant Offices
28
Level 1/2
Level 3
The Warehouse
& The Glass House
30
29
29
The Warehouse
The Warehouse
28a
28
27a
Ground Floor
27
26
25
24
23
22
The Glass House
Unit Tenant
Gross Internal Floor Area (Approx)
22
The Linen Mill
208.82 m2 2248 ft2
23
The Linen Mill
101.33 m2 1091 ft2
24
Gareth McFarland
101.00 m2 1087 ft2
25
Ring O’Rosies
101.00 m2 1087 ft2
26
The Art Room
99.75 m2
1074 ft2
27
Linen Green
Farm Shop
203.23 m2
2188 ft2
27a
Newbridge Silverware
62.56 m2
673 ft2
28a
Vacant Offices
614.13 m2
6610 ft2
28
Mi Mismo
40.02 m2
431 ft2
29
Back on Track
110.98 m2
1195 ft2
30
Deli on the Green
259.30 m2
2791 ft2
1902.12 m2
20475 ft2
Total
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
The Workshop,
The Cloth Loft &
The Weaving Sheds
The Workshop
Unit
Tenant
Gross Internal Floor Area (Approx)
9
Vacant Shop
279.11 m 3004 ft
9a&b
Vacant Offices
243.87 m2 2625 ft2
2
Unit
Tenant
Gross Internal Floor Area (Approx)
10,11
Ulster Weavers
645.94 m 6953 ft
10a
The Coffee Loft
371.00 m2 3993 ft2
10b
Exhibition Centre
113.00 m2 1216 ft2
10b
Function Room
99.05 m2 1066 ft2
Mezzanine
10b
First Floor
17
15/16
2
The Weaving Sheds
Unit
Tenant
Gross Internal Floor Area (Approx)
12,18
Panache Shoes
198.37m 2135 ft
14
Storey Menswear
69.19 m2 745 ft2
15,16, 19 Foxford
303.83 m2 3270 ft2
17
Anne Storey
91.01 m2 980 ft2
20
Vacant Shop
90.71 m2 976 ft2
Total
9a&b
10a
10b
20
2
The Workshop
2
The Cloth Loft
2
The Cloth Loft
The Weaving Sheds
19
14
18
Ground Floor
12
The Workshop & The Cloth Loft
The Cloth Loft
The Workshop
2
2505.08 m2 26963 ft2
11
10
9
Basement
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Schedule of Accommodation & Tenancies
The vast majority of tenancies are drawn on full repairing and insuring terms through the Service Charge.
A more detailed tenancy schedule outlining available documentation and salient lease terms is available in the Purchasers’ Pack.
The Dye House
Unit No. Floor
Tenant Gross Internal Lease term Lease
Lease End Next Review
Break date
Current rent (P.A)
Total Service Charge PA* Rates (NAV)
Area (sqft)
(years)
Commencement
(LL Shortfall) Rates Payable
@ 0.538351
(LL Shortfall)
Comments
1
G&F
Vacant Wine Bar
2,969
—
—
—
—
—
—
£5,417.68
£15,600
£8,398
—
2&3
G
Pavers Ltd
3,101
10
21-Jul-08
21-Jul-18
21-Jul-13
—
£54,950
£4,673.65
£25,000
£13,459
—
4
G
Bedeck Ltd
11,276
15
01-Jan-09
31-Dec-14
—
—
£60,000
£16,336.20
£58,800
£31,655
& Mezz
Rent increases to £80,000 pa in July 2013
then to £100,000 pa in 2014
5
G
Vacant Shop
961
—
—
—
—
—
—
£1,487.95
£7,650
£4,118
—
5a
G
Sandra Tomas Elli
t/a A LA Mode
961
5
15-Oct-10
14-Oct-15
—
—
£13,500
£1,487.95
£7,650
£4,118
Stepped rent to £15,000 in 2014
6
G
The Sports Studio Ltd
966
5
23-Aug-10
22-Aug-15
—
24-Aug-13
£15,000
£1,487.95
£7,650
£4,118
Tenant has exercised break option
6a
G
Janet Mc Cready Opticians
964
10
19-Dec-08
18-Dec-18
19-Dec-13
—
£12,000
£1,487.95
£7,650
£4,118
—
7
G&F
PriceWaterHouseCoopers
9,162
10
13-Dec-10
12-Dec-20
13-Dec-15
—
£120,000
£13,519.51
£39,000
£20,996
RPI Linked Rent Review in 2015.
Services Ltd
Cap and Collar at 1-3%.
8
G&F
Vacant Shop
2,268
10
24-Nov-08
23-Nov-18
23-Nov-13
—
—
£3,396.99
£14,100
£7,591
Tenant recently vacated. Previous rent £21,564.
9
F
Oasis Dental Surgery
SUB TOTAL 1,876
—
—
—
—
—
34,504
£14,000
£289.450
£3,286.94
£7,850
£4,226
—
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Schedule of Accommodation & Tenancies
The Workshop, The Cloth Loft & The Weaving Shed
Unit No. Floor
Tenant Gross Internal Lease term Lease
Lease End Next Review
Break date
Current rent (P.A)
Total Service Charge PA* Rates (NAV)
Area (sqft)
(years)
Commencement
(LL Shortfall) Rates Payable
@ 0.538351
(LL Shortfall)
Comments
9
G
Vacant Shop
3,004
—
—
—
—
—
—
£3,847.90
£12,500
£6,729
—
9a&b
F
& Mezz
Vacant Offices
2,625
—
—
—
—
—
—
£3,758.87
£8,100
£4,361
—
10&11
G
Kincull Ltd t/a Ulster Weavers 6,953
10
01-Aug-12
31-Jul-15
—
31-Jul-12
£30,000
£19,028.53
£22,200
£11,951
10a
F
The Coffee Loft
3,993
10
01-May-08
30-Apr-18
01-May-13
—
£24,000
£5,605.11
£16,100
£8,667
Rent previously £70,000 pa.
Largest retail unit in scheme
—
10b
F
Exhibition Centre 2,282
—
—
—
—
—
—
£1,733.46
£10,200
£0
& Function Room
Periodic income generated.
Rates not payable as exhibition space
G
12&18
Gareth & Janice Bell t/a
Panache Shoe Company
2,135
10
01-Jan-06
31-Dec-16
01-Jan-11
—
£22,500
£3,264.56
£10,000
£5,384
—
G
14
Anne Storey t/a Storey Menswear
745
3
01-Aug-05
31-Jul-08
—
—
£9,300
£1,754.55
£6,250
£3,365
—
G
15,16
&19
Belasa Weavers
t/a Foxford International
3,270
10
01-Jun-00
31-May-03
—
—
£25,000
£6,658.73
£19,300
£10,390
—
17
G
United Fashion International
t/a Anne Storey
980
10
03-Jan-00
02-Jan-03
—
—
£12,500
£2,455.86
£8,050
£4,334
—
21
Vacant Shop
976
—
—
—
—
—
—
£1,818.27
£4,000
£2,153
—
G
SUB TOTAL 26,963
£123,300
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Schedule of Accommodation & Tenancies
The Frame House & The Bleach House
Unit No. Floor
Tenant Gross Internal Lease term Lease
Lease End Next Review
Break date
Current rent (P.A)
Total Service Charge PA* Rates (NAV)
Area (sqft)
(years)
Commencement
(LL Shortfall) Rates Payable
@ 0.538351
(LL Shortfall)
Comments
1
G
Diane McClements
694
10
01-May-09
30-Apr-19
—
—
£0
£1,025.20
£3,900
£2,100
t/a Moygashel Post Office
Sold off on 10 year lease
Super reversion 2019
1a
G
Martina McLaughlin
199
—
30-Oct-12
29-Oct-14
—
—
£1,650
£202.36
£850
£458
New Letting
2
G
Vacant Shop
952
—
—
—
—
—
—
£1,403.14
£5,250
£2,826
—
3
G
David Graham t/a 951
10
14-Sep-10
13-Sep-20
14-Sep-15
14-Sep-15
£10,000
£1,400.16
£5,150
£2,773
David Graham Hair Dressing
t/a The Lingerie Room
Lease provides for annual
fixed uplifts, which have not
been effected
4
G
Donovan & Teresa Ross
960
10
01-Jun-09
31-May-19
01-Jun-14
31-May-14
£11,900
£1,413.55
£5,250
£2,826
t/a The Boudoir
Rent reduction. Contracted
to pay £17,000 pa
5
G
Paul Coote t/a
Pauls Boutique
960
10
31-Mar-07
30-Mar-17
31-Mar-12
—
£14,000
£1,397.18
£5,250
£2,826
—
6
G
Enterprise Stationary Ltd
t/a Paperworks
853
10
01-Aug-07
31-Jul-17
01-Aug-12
—
£13,095
£1,254.34
£4,650
£2,503
—
G
7
Yvonne Mc Farland
t/a The Lingerie Room
1,077
10
01-Aug-12
31-Jul-17
01-Aug-14
—
£8,000
£1,581.69
£5,900
£3,176
Fixed uplift to £8,500 pa in 2014
Vacant Offices
5,069
—
—
—
—
—
—
£7,589.05
£19,100
£10,283
—
8b
F
-
8a,c,d
F
Tailored Image Ltd
12,306
3
01-Mar-13
27-Feb-18
—
01-Mar-15
£20,750
£7,684.46
£7,550
£4,065
Offices and Warehouse.
Fixed uplift to £21.750 in March 2015
8e
F
Vacant Warehouse
3,567
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Poor condition
A
G
Vacant Warehouse
5,620
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Very poor condition
B
G
Vacant Warehouse
1,483
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Very poor condition
SUB TOTAL 34,691
£79,395
Lamont Warehouse
Unit No. Floor
Tenant Gross Internal
Area (sqft)
Lease term
(years)
Lease
Lease End Next Review
Break date
Current rent (P.A)
Commencement
Total Service Charge PA* Rates (NAV)
(LL Shortfall) Rates Payable
Comments
@ 0.538351
8f
Vacant Warehouse —
—
N/A
Assumed Unrated
G
SUB TOTAL 21,851
—
—
—
21,851
—
£0
Assumed Unrated
Poor condition
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Schedule of Accommodation & Tenancies
The Warehouse & The Glass House
Unit No. Floor
Tenant Gross Internal Lease term Lease
Lease End Next Review
Break date
Current rent (P.A)
Total Service Charge PA* Rates (NAV)
Area (sqft)
(years)
Commencement
(LL Shortfall) Rates Payable
@ 0.538351
(LL Shortfall)
Comments
22
G
The Linen Mill House
2,248
10
14-Sep-06
13-Sep-16
14-Sep-11
—
—
£3,367.23
£18,200
£9,798
and Garden Ltd
Tenant in arrears. Removal process
on going. Old rent £30,967.
Tenant liable for rates while still in occupation
23
G
The Linen Mill House
and Garden Ltd
1,091
7.5
01-May-09
13-Sep-16
14-Sep-11
—
—
£1,633.77
£8,600
£4,630
—
G
24
Gareth Mc Farland
Interiors Ltd
1,087
5
01-Aug-12
31-Jul-17
—
31-Jul-14
£10,000
£1,633.77
£7,750
£4,172
—
25
G
Orlagh Moore
t/a Ring O’Rosies
1,087
10
28-Feb-06
27-Feb-16
28-Feb-11
—
£14,000
£1,633.77
£8,550
£4,603
—
26
G
Nigel Flemming
1,074
5
21-Nov-05
20-Nov-10
—
—
£9,048
£1,633.77
£8,300
£4,468
t/a The Art Room
Rent reduced from £15,000 pa. Rent payed on month
to month basis and is inclusive of Service Charge
27
G
The Linen Green
Farm Shop Ltd
G
27a
28a
F
2,188
10
07-Sep-11
06-Sep-21
—
07-Sep-16
£20,000
£2,975.90
£16,800
£9,044
—
MCA Retail Ltd
t/a Newbridge Silverware
673
3
01-Oct-10
30-Sep-13
—
—
£10,000
£1,041.56
£5,250
£2,826
—
Vacant Offices
6,610
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Requires fitting out
28
G
To be let to James Malliagh 431
—
—
—
—
—
—
£589.23
£3,000
£1,615
& Patricia Devlin
New lease agreed to James Malliagh &
& Patricia Devlin at £3,900 p.a. Tenant has
not taken occupation due to electrical issue
being unresolved.
29
G
Julie Mc Cammon
t/a Back on Track
1,195
5
20-Jun-10
19-May-16
—
—
£13,620
£1,344.76
£8,200
£4,414
—
G
30
Claire Murray
t/a Deli On The Green
2,791
10
15-May-06
14-May-16
15-May-11
—
£27,000
£4,136.50
£18,400
£9,906
—
SUB TOTAL 20,475
£103,688
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Schedule of Accommodation & Tenancies
Grahams Buildings & Former Post Office
Unit No. Floor
Tenant Gross Internal
Area (sqft)
Lease term
(years)
Lease
Lease End Next Review
Break date
Current rent (P.A)
Commencement
Total Service Charge PA* Rates (NAV)
(LL Shortfall) Rates Payable
@ 0.538351
Comments
Grahams G
Buildings
Derelict Outbuildings
N/a
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Unuseable. Foot print circa 0.5 acre
Former
PO
Vacant Shop & House
1,950
—
—
—
—
—
—
N/A
Assumed Unrated
£0
Poor Condition
G&F
SUB TOTAL 1,590
£0
Linen Green Total
Total Floor Area
Total Income
Total Service Charge Budget
Service Charge Shortfall
Rates Shortfall
Net Income After Landlord Service Charge & Rates Shortfalls
140,434
£595,813
£147,450
£37,677
£24,037
£534,098
Landlord Rates calculated at 50%
vacant discount. Prospective purchasers
must satisfy themselves in this regard.
Service Charge shortfall based on 2012-13 Service Charge Budget, available in the Purchasers’ Pack. The 2013-14 Forecast Budget is also available in the Purchasers’ Pack.
Please note that the tenancy schedule is given strictly subject to contract and without prejudice.
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Tenants Covenants
National covenants
of note include:
The majority of tenants comprise local occupiers and individuals
and include a number of long established and successful businesses
including, Ulster Weavers, Foxford, The Coffee Loft, Paperworks
and Deli On The Green.
PWC
Services Limited
Experian gives PriceWaterhouseCoopers Services
Limited a Delphi Score of 84/100, classifying
it as a Low Risk company.
5%
Bedeck Ltd
22%
55%
62%
11%
45%
Experian gives Bedeck Ltd a Delphi Score of 81/100,
classifying it as a Low Risk company.
Income Analysis by Sector:
Retail Shop – 62%
Restaurant – 11%
Offices / Warehousing – 22%
Medical – 5%
Covenant Strength by Income:
National & Multiple Covenants – 45%
Local Covenants – 55%
Pavers Ltd
Experian gives Pavers Ltd a Delphi Score of 89/100,
classifying it as a Low Risk company.
Oasis Dental Surgery
Oasis is a leading provider of NHS and Private Dental Care,
with over 200 practices across England, Wales and
Northern Ireland.
Tailored Image Limited
Tailored Image Limited are highly successful designers, manufactures
and suppliers of made to measure corporateclothing, work wear,
staff wear, office uniforms and businesssuits. They have a large client
baseacross the UK and ROI and supply uniforms to the Irish
Civil Service. They recently expanded their operation at Linen Green
and now occupy over 12,000 sq ft.
Experian gives Tailored Image Limited a Delphi Score of 78/100,
classifying it as a Low Risk company.
Linen Green Designer Village
Moygashel, Dungannon Co. Tyrone, BT71 7HB
Service Charge
& Unrecoverable
Costs
Income Summary
and Analysis of
Passing Rent
The service charge for the year
commencing 1st May 2012 is budgeted
at £147,450 per annum and payable
by all tenants. The rate per square foot
reflects in the region of £1.50 for most
tenants. The 2013 -14 Forecasted
Budget is £154,050. Service Charge
Budgets are available in the
Purchasers’ Pack.
The property is let on 32 separate
occupational leases, to a broad range
of occupiers. The retail units are
approximately 90% occupied and
provide a broad mix of tenants and
user types.
The current landlord annual shortfall
is in the region of £37,677 per annum.
Many of the rents have been rebased
over the past 2 years and the retail rental
tone is now in the region of £8 -12 psf.
The latest lettings undertaken during
2012 reflect these levels.
The tenants at Linen Green are liable for
their own Rates. However, Landlords
in Northern Ireland are liable for Rates
on vacant properties, after a 3 month
vacancy period. The Rate levied is at a
50% discount to the payable rate. We
have estimated the Landlord liability to
currently be £24,037 per annum. We
strongly advise prospective purchasers
to satisfy themselves with regard to
rating liabilities over the property.
For more information visit:
www.ipsni.gov.uk.
We calculated the combined Landlord
Service Charge and Vacant Rates liability
to be £61,714 per annum.
The net income is therefore in the region
of £534,098 per annum.
The leases are drawn on Full
Repairing & Insuring terms via
the Service Charge.
PriceWaterhouseCoopers currently
pay £120,000 per annum. The lease
is subject to a RPI linked rental uplift
in December 2015, capped and
collared at 3% and 1% respectively.
This would give a potential rental
uplift to £139,113 pa.
Bedeck’s rent is due to increase to
£80,000 pa in July 2013, rising again
to £100,000 pa in 2014.
Planning History
The Linen Green has been developed
over a period of time extending to over
a decade and as such there is no single
planning permission which covers the
whole extent of the site.
The various component parts – The Frame
House, The Cloth Loft & Weaving Shed
& Workshop, The Warehouse &
Glasshouse and The Dye House were
developed organically in response to the
demand from occupiers. The Cloth Loft
& Weaving Shed & Workshop were
originally developed as a Visitors Centre
with this being refined between 1996
and 1998 to allow retailing, craft design
and restaurant uses. The Warehouse & Glasshouse was
developed around 2003/2004 as factory
mill outlet retail units with a subsequent
permission for restaurant in one
of the units. The Dye House was developed around
2007/2008 again as factory/mill outlet
retail units with subsequent planning
permission for restaurant and office uses. The Warehouse and The Dye House
planning permissions contain restrictions
on the types of goods that can be sold.
The Planning (2011 Act)
(Commencement No.1) Order came
into effect on 1 December 2011. This alters time limits within which the
DoE can take planning enforcement
action to 5 years from the breach of
planning control. The vast majority
of tenants in Linen Mill have been in
occupations in excess of 5 years.
The Administrator has commissioned
a Planning Summary Report, undertaken
by Pragma Planning and is available
in the Purchasers’ Pack.
Asset Management
Potential
The Linen Green has been in
Administration for a number of years
and now offers excellent asset
management opportunities to include:
• Let
vacant units
• Reposition
scheme to include
more multiple national tenants
• Further
establish the scheme
as a leisure and boutique fashion
brand destination
• Further
develop as historical tourist destination, capitalising on Linen Green’s manufacturing history
• Generate
income from periodic letting of the Function Room
& Exhibition Centre
planning consents to include small grocery store
There may be opportunities to Utilise
Business Premises Renovation
Allowance (BPRA) on Lamont Building
and the Former Post Office.
EPC
The individual properties within
Linen Green have the following
surmised EPC ratings:
The Frame House
& The Bleach House (F 132)
The Workshop, The Cloth Loft
& The Weaving Shed (C 69)
The Warehouse
& The Glasshouse (D 83)
The Dye House (C 67)
Full EPCs are provided in the
Purchasers’ Pack.
• Open
• Create
additional car parking from
Grahams Buildings area and land
to the rear, subject to planning
• Land
to rear would also be suitable for a ‘Lifestyle’ Garden Centre, subject to planning
• Office
space in The Glass House
is very suitable for gymnasium or retail, subject to planning
• Refurbish
or redevelop Lamont Warehouse and Former
Post Office
Tenure
Freehold
VAT
The property has been elected for
VAT, as such VAT will be payable on
the purchase price. It is envisaged
the transaction will be treated
as a TOGC.
Purchasers’ Pack
A Purchasers Pack has been
produced for prospective purchasers
to review due diligence relating to
the property and is available upon
request and the completion of
a Non-Disclosure Agreement.
All information provided is given strictly
without warranty, liability and reliance.
Proposal
We are instructed to seek offers in the region of
£5,000,000 (Five Million Pounds) for our client’s freehold
interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a net initial yield after
service charge and rates shortfalls of 10% and an attractive
capital value of £36 per sq ft overall (disregarding derelict
buildings to rear).
“The Linen Green is often a busy
place but that’s what I like about it. Plenty
of buzz. There are clothes shops, a farm
shop, a post office, a sports shop, gift shops
and three places to choose to eat from.”
Trip Advisor comment. Visited February 2013, Belfast Co. Antrim.
Disclaimer : CBRE
CBRE
Imperial House
Donegall Square East
Belfast BT1 5HD
Telephone
028 9043 8555
Tim Reid
Capital Markets
Gavin Elliott
Capital Markets
Fax
028 9043 9444
Telephone
028 9043 6752
Telephone
028 9043 6750
www.cbre.co.uk/ni
[email protected]
[email protected]
These particulars are issued by CBRE on the understanding that any negotiations relating to the property are conducted
through them. Whilst every care is taken in preparing them, CBRE for themselves and for the vendor/lessor whose
agents they are, give notice that:- (i) the particulars are set out as a general outline for guiding potential purchasers/
tenants and do not constitute any part of an offer or contract, (ii) any representation including descriptions,
dimensions, references to condition, permissions or licenses for uses or occupation, access or any other details are
given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them
as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness,
(iii) neither CBRE, nor any of their employees have any authority to make any or give any representation or warranty in
relation to the property.
April 2013