Modern Office Investment, 15 Pilots View

Description
Modern Office Investment - Strong Covenant / 10-Year FRI Lease

We are delighted to present this high-specification office investment opportunity located within one of Belfast´s leading office and industrial destinations. Pilots View forms part of the well-established Sydenham Business Park, situated off Heron Road within the Belfast Harbour Estate. The surrounding occupiers include Bombardier, BP, Phoenix Natural Gas, DfC, and CEM Systems, confirming the area´s strong corporate profile. The property lies approximately three miles from Belfast City Centre and a short distance from George Best Belfast City Airport, offering excellent connectivity to the M1, M2 and wider road network.

The property comprises a modern detached two-storey business unit extending to approximately 3,200 sq ft, with 17 allocated car-parking spaces. It is of steel portal-frame construction with solid concrete floors, finished externally in part metal cladding and part blockwork. Internally, the accommodation has been fitted to a very high specification throughout, including open-plan and cellular office layouts with air-conditioning, suspended ceilings, LED lighting, double-glazed windows and full data cabling. The presentation throughout is to a corporate standard, ready for continued occupation without expenditure.

The building is let in its entirety to Hurree Ltd, a Belfast-based software and technology company with a strong trading history and expanding international client base. The lease commenced on 15 March 2023 for a term of ten years. The current passing rent is £30,000 per annum. The agreement is on a Full Repairing and Insuring (FRI) basis, with the tenant responsible for all repairs, maintenance, insurance, rates and the ground rent payable to Belfast Harbour Commissioners. As a result, there are no operating or management costs for the landlord, and the rent represents a true net income.

At a guide price of £350,000, the investment reflects a net initial yield of approximately 8.1 %, which is highly competitive within the current Belfast office market. The property offers a secure five-year term certain, strong covenant quality and excellent asset fundamentals in a prime harbour-side location.

In summary, 15 Pilots View provides a hands-off, income-producing investment combining a modern specification, reputable tenant, and fully repairing lease structure. It represents an ideal acquisition for private and SIPP investors seeking a stable, low-maintenance return from a quality commercial asset in one of Belfast´s most accessible and established business environments.


Tenant: Hurree LimitedTerm: 10 YearsCommencement: 15th March 2023Current Rent: £30,000 per annumRepair: Tenant responsible for internal and external repairsBreak: The tenant has the right to terminate the lease of the 5th anniversaryRent Review: Year 5

NAV: £42,900RATES PAYABLE: £25,712.63The tenant is responsible for payment of the rates during the period of their tenancy.

Seeking offers in the region of £350,000. An acquisition at this level would reflect a net initial yield of 8.13% after purchaser´s costs of 5.5%.

Long Leasehold with tenant responsible for Service Charge payable under Head Lease.