Osborne 028 9027 0000 King www.osborneking.com

FOR SALE

TOWN CENTRE RETAIL INVESTMENT PROPERTY

ON THE INSTRUCTIONS OF PETER ALLEN & JOHN REID OF DELOITTE ACTING AS JOINT FIXED CHARGE RECEIVERS FOR MR ALAN BUCHANAN

INVESTMENT 14-16 CONWAY SQUARE NEWTOWNARDS COMMERCIAL PROPERTY CONSULTANTS The Metro Building BT23 4DD 6-9 Donegall Square South BT1 5JA Tel: 028 9027 0000 Fax: 028 9027 0011 E-mail: [email protected] www.osborneking.com LOCATION

Newtownards is located close to the outer edge of the Belfast Metropolitan Area, 16 kilometres east of Belfast and 6 kilometres south of Bangor. It is the largest settlement in and area with a population that has grown rapidly in recent years to an estimated 27,795 (2001 census).

The subject premises are located in Conway Square, the prime pedestrianised area within Newtownards town centre. The location benefits from strong footfall, with the town hall situated within the square, as well as national occupiers such as Vogue, Moda Shoes, Specsavers and S D Kells.

DESCRIPTION

The subject premises comprise an attractive two storey terrace retail unit which is of traditional brick/blockwork construction which the shop frontage rendered and painted.

14 Conway Square Occupied by Edinburgh Woolen Mill, the unit has been finished to the standard corporate fit-out throughout. This includes carpeted floor, plaster/painted walls and ceiling, a combination of recessed spot lighting and fluorescent strip light units with air conditioning to the ground floor retail element.

16 Conway square The unit is finished to a good standard throughout to include wooden flooring, wall paneling for racking and display purposes, suspended ceiling incorporating fluorescent strip lights and aluminum framed double glazed shop front with fitted roller shutter.

2A Meetinghouse Lane The unit has been finished to a good and modern standard to include wooden laminate flooring, plaster/painted walls and suspended ceiling incorporating recessed spot lighting.

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice 6th Edition, all areas being approximate: -

14 Conway Square Ground Floor : 1,770 sq.ft. 164.43 sq.m. First Floor : 2,654 sq.ft. 246.56 sq.m. Total Net Internal Area 4,424 sq.ft. 410.99 sq.m.

16 Conway Square : 575 sq.ft. 53.42 sq.m.

2A Meeting House Lane : 310 sq.ft. 28.87 sq.m.

www.osborneking.com TENANCY INFORMATION No. Tenant Term Rent 14 The Edinburgh 25 Years from £40,000 p.a. Woollen Mill Ltd 1 October 1997 16 VACANT — — 2A VACANT — — Total Income £40,000 p.a.

TENANCY COVENANTS

Edinburgh Woollen Mills is one of the UK’s largest high street chains. Founded in 1946, the company has grown substantially with 265 mainstream high street stores, 88 speciality tourist shops and 27 destination sites throughout the UK (source www.ewn.co.uk). They currently trade out of eleven stores in .

For the year ending February 2012, the company recorded a gross profit of £39,769,000 based on turnover sales of £245,715,000.

VAT

All prices quoted are exclusive of and therefore may be liable to VAT.

PRICE

We have been instructed to seek offers in excess of £200,000. A purchase at this level will reflect an attractive net initial yield of 20.62% after costs of 2.8%.

TITLE

We understand the property is held by way of freehold/long leasehold title. Further information upon request.

EPC

FURTHER INFORMATION

Stephen Smith Mob: 07956 207675 E-mail: [email protected] Andrew Coggins Mob: 07764 634047 E-mail: [email protected] Osborne King Tel: 028 9027 0000

www.osborneking.com OS MAP

FOR INDICATIVE PURPOSES ONLY LOCATION MAP

FOR INDICATIVE PURPOSES ONLY

COMMERCIAL PROPERTY Misrepresentation Act 1967. The premises are offered subject to contract, availability and confirmation of details. The particulars do not form part of any contract and whilst CONSULTANTS believed to be correct, no responsibility can be accepted for any errors. None of the statements contained in the particulars are to be relied upon as statements of fact any The Metro Building attending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of those statements. The vendors or lessors do not make or give 6-9 Donegall Square South Osborne King and Megran Limited or any person in its employment, any authority to make or give any representation or warranty whatsoever in relation to this property. Belfast BT1 5JA Unless otherwise stated, all prices and rentals quoted are exclusive of any Value Added Tax to which they may be subject. These particulars are issued on the understanding Tel: 028 9027 0000 that all negotiations are conducted through this company. Osborne King & Megran Limited. Registered in Northern Ireland No. 27969. Registered Office: The Metro Building, Fax: 028 9027 0011 6-9 Donegall Square South, Belfast, BT1 5JA. E-mail: [email protected] Any maps / Plans based on the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office Crown Copyright Reserved Licence No. CS 369. This plan is for convenience only. Its accuracy is not guaranteed and shall not be deemed to form part of any contract.. Reproduced with the consent of Goad Cartographers Ltd, Old Hatfield.