Address: 54 Main Street Garvagh 034
MLA Adrian McQuillan Assembly East Londonderry Constituency
Location: Garvagh is a small town in Co Londonderry with a population of 1,288 (2001 Census). It is located approximately 11 miles south of Coleraine and 22 miles west of Ballymena. The main commercial activity within the town is centred along Main Street which is made up of a number of local independent retailers and occupiers servicing the local community. The subject property occupies a prominent corner position at the junction of Main Street with Limavady Road.
Description: The subject property comprises modern recently refurbished ground floor office accommodation. The property has been fitted to a high standard to include plastered and painted walls, suspended ceiling, tiled floors, perimeter trunking, kitchen and WC facilities. The property benefits from a glass frontage to the front and side, an electric roller shutter to the front as well as shared car parking facilities to the rear of the property (accessed from Limavady Road).
Accommodation: Ground Floor Net Internal Area (sq m) Net Internal Area (sq ft) Open plan office area 33.53 361 Office 1 7.15 77 Office 2 7.99 86 Kitchen 2.69 29
TOTAL 51.36 553
Existing Lease Term Commencement Rent Passing Repairs Insurance Rent Reviews Summary: Date £ (pa) 12 months 1 May 2007 £5,720 pax Internal To reimburse N/A (£476.66 per landlord. month)
Rental Valuation In our opinion, the market rent of the subject property is £4,300 per annum exclusive of VAT. (Equates to approximately 5 May 2011 £8.00 per sq ft on the offices and £4.00 per sq ft on the kitchen)
We would also conclude that this property would command a rent free period of 6 months to attract a tenant at this level.
Comparable Address Tenant Transaction Rent (pax) Size Analysis Rental 87 Main Street, Letting Oct 2010 £3,000 840 sq ft £3.57 per sq ft Evidence Garvagh 6 Castle Street Kevin McKenna Letting August £4,400 481 Sq ft £9.15 per sq ft Bellaghy Butchers 2010
Market Garvagh is a small market town with limited recent commercial activity. Following discussions with local agents we have Commentary: been advised that most properties in Garvagh are owner occupied. We have been unable to obtain any recent comparable evidence for the town for 2011. The property next door to the subject is currently available to let at a rent of £4,160 per annum (£80 per week). We have been advised by the owner that this property is new to the market and there are currently no offers. A letting at this level would equate to approximately £5.55 per sq ft. In comparison to this property, the subject property occupies a more prominent position and is in much better condition throughout. 95 Main Street Garvagh is currently on the market To Let with an asking rent of £6,000 per annum, I have been advised by the agent that this property is recently refurbished and is c. 691 sq ft and there are currently no offers. I have been further advised that the landlord would accept £5,200 per annum which would equate to approximately £ 7.52 per sq ft. The letting at 87 Main Street reflected a rate of £3.57 per sq ft which shows the low level landlords are willing to accept. The subject property is in much better condition and occupies a much better location than this property.
Taking into consideration the size and location of the subject property together with all of the above and following conversations with local estate agents, we feel our valuation is a true reflection at the valuation date.
Date of 28.09.2011 Inspection Date of Report 30.09.2011
Surveyor Completing Report
NAME & FIRM …Katrina Doran MRICS, Campbell Cairns SIGNED ……………………………………… Location Map