Address: 19 Church Street Tandragee 17 MLA Assembly Constituency Newry & Armagh Location: Tandragee in Co Armagh Is a Smal
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Address: 19 Church Street Tandragee 17 MLA Assembly Newry & Armagh Constituency Location: Tandragee in Co Armagh is a small town situated approximately 35 miles south west of Belfast on the M1 Motorway and 5 miles from Portadown town centre. Newry is approximately 11 miles further south. Tandragee has a resident population of around 3,000 people. The subject property is situated on Church Street which is mainly in commercial use providing shops and services for the local community and passing trade. Description: The subject property provides office/retail accommodation at ground floor level. The property has been finished to a good standard to include plastered and painted walls, laminate flooring, spot lighting, kitchen, WC facilities and benefits from a shop front. Accommodation: Ground Floor Net Internal Area (sq m) Net Internal Area (sq ft) 27.77 299 TOTAL 27.77 299 Existing Lease Term Commenceme Rent Passing Repairs Insurance Rent Reviews Summary: nt Date £ (pa) 3 Years 1st Nov 2008 £6,660 Internal Only Landlord RPI – Yearly Rental Valuation It is our opinion that the Market Rent of the subject property is £3,750 per annum exclusive of VAT (Equates to 8 May 2007 approximately £12.50 per sq ft). We would also conclude that the premises would command a rent free period of 3 months to attract a tenant at this level of rent. Rental Valuation It is our opinion that the Market Rent of the subject property is £3,000 per annum exclusive of VAT (Equates to 5 May 2011 approximately £10.00 per sq ft). We would also conclude that the premises would command a rent free period of 3-6 months to attract a tenant at this level of rent. Comparable Rental Address Tenant Transaction Rent (pax) Size Analysis Evidence 26 Market Street Barber Shop Letting Dec 2010 Approx £3,000 Approx 300 sq ft £10 00 per sq ft Tandragee 16 Upper English Pat Finucane Letting April £4,425 GF – 250 sq ft £10.00 per sq ft Street Armagh Centre 2011 FF – 275 sq ft £7.00 per sq ft 1a High Street Mark Dunlop Letting April £5,200 GF – 400 sq ft £7.64 per sq ft Lurgan Photography 2010 FF – 140 sq ft £5.00 per sq ft 2007 12 Monaghan Zip Yard Letting Jan 2008 £12,000 GF – 900 sq ft £11 00 per sq ft Street Newry FF – 550 sq ft £4.00 per sq ft Market There is limited rental evidence available for Tandragee. We have been able to source details of a letting in December 2010 Commentary: which was similar to the subject property in terms of type, size and location. This letting reflected a rate of £10.00 per sq ft and following discussions with local estate agents this level of rent is representative of the market in Tandragee at the valuation date. We have been unable to source evidence from 2007 for Tandragee however generally speaking rental levels would have been higher than in 2011. Taking into consideration the type, location and size of the subject property together with all of the above we feel our valuation is a true reflection at the valuation dates. Date of 4.10.2011 Inspection Date of Report 4.11.2011 Surveyor Completing Report NAME & FIRM …………………Katrina Doran MRICS Campbell Cairns SIGNED ……………………………………… Location Map .