Commercial Investment Opportunity Situated in a Sought After Location Within the Heart of Douglas. Tenant in Situ Currently Achieving £78,400PA. 6 Allocated Parking Spaces.
Investment Summary
• Opportunity to purchase a prime commercial unit in an idyllic setting on the Quay
• Attractive single let investment located in Douglas town centre
• Constructed in 2011 within an award-winning waterfront development
• The property provides 3,875sq/ft of high quality accommodation and 6 secure basement car parking spaces
• Let to JTC Trustees (IOM) Limited, with JTC Group Limited acting as guarantor
• Let on a 10 year term from 03.08.2020 with tenant break option at the end of year 6
• Initial rent is £78,400 per annum, subject to upward only rent reviews every third year linked to Isle of Man Retail Price Index
• Sale price for the long leasehold interest of the property is £900,000+ vat (subject to contract)
Location
Occupying a prime position on the Quay, the property benefits from a convenient, central location close to local amenities. Transport and commuting links are excellent with the Lord Street Bus Station close by and Ronaldsway Airport only 9 miles away.
North Quay is within easy walking distance and has fast become one of the most popular dining destinations and is home to many of the Island’s most popular restaurants and bars.
The island’s main shopping district is just five minutes’ walk away and features a mix of local independent retailers and national brands including Marks & Spencer store and coffee shop, Boots, JD Sports, Next, River Island, Sports Direct, TopShop and more.
Description
Unit 2 Quay West provides 3,875sq/ft (360sq/m) of prime commercial space arranged over ground and basement level. The property was constructed in 2011 and is located within Dandara’s prestigious Quay West development of luxury apartments. There are 6 secure car parking spaces within the basement car park.
Internally, the property benefits from a Grade A specification throughout, including:
• Fully accessible raised access floors
• Suspended ceilings with integrated grid lighting
• Carpeted floors
• Air conditioning
• Mechanical ventilation
• Wall mounted radiators
• 8 Person passenger lift serving both floors
• Kitchen facilities
• 6 Allocated car parking spaces
Accommodation
This property has been measured in accordance with the Royal Institute of Chartered Surveyors Code of Measuring Practice 5th Edition, the net internal area is:
GROUND FLOOR = 2,950sq/ft / 274.06sq/m
BASEMENT = 925sq/ft / 85.94sq/m
TOTAL = 3,875sq/ft / 360sq/m
x6 Car parking spaces
Note: These areas are approximate only.
Service Charge
Full service charge information can be made available to interested parties on request.
Parish & Island Occupier Rates
The 2020/2021 assessment was £4,942.65.
Tenancy
The unit is let to JTC Trustees (IOM) Limited on effective full repairing and insuring terms for 10 years from 03.08.2020, subject to three yearly upward only rent reviews linked to Isle of Man Retail Price Index. There is a tenant break clause on 02.08.2026. JTC Group Limited act as guarantor.
The initial rent is £78,400 per annum, equating to £21.00psf on the ground floor office accommodation, assuming £10.00psf on the basement accommodation, and £1,200 per on-site car parking space. A copy of the lease can be made available to interested parties on request.
Covenant
Tenant and guarantor’s financial accounts can be made available to interested parties on request.
JTC
JTC are a multi-jurisdictional, independent provider of institutional and private client services with over 30 years of global experience with over 700 employees providing a global service to client from a network of 20 offices. Further information can be found at www.jtcgroup.com
Tenure
The property will be sold by way of 999 lease from 01.09.2010.
VAT
The property has been elected for VAT and therefore VAT will be payable on the purchase price.
Proposal
The property is for sale at a price of £900,000 (subject to contract).
Directions
Travelling from the Quarterbridge along Peel Road in the direction of Douglas, continue to the Railway Shops and turn right onto Bank Hill. Proceed straight ahead at the roundabout onto Bridge Road where Quay West can be found on the right hand side.
SEE LESS DETAILS
