Co Down ex-bank build­ing leased to cof­fee chain goes on sale for £500k

Belfast Telegraph - Business Telegraph - - Commercial Property - BY MARK ED­WARDS

A FOR­MER Ul­ster Bank build­ing in Co Down — now oc­cu­pied by Caffe Nero — has gone on the mar­ket for £500,000.

The ground floor 1,784 sq ft re­tail unit, lo­cated on Main Street in New­cas­tle, is cur­rently be­ing let to the cof­fee gi­ant on a 10-year lease.

Mark Thal­lon, of prop­erty firm TDK, said the build­ing had re­cently been re­fit­ted and rep­re­sented an at­trac­tive in­vest­ment op­por­tu­nity.

“It is an at­trac­tive lot size and there is gen­er­ally a lot of in­ter­est in the mar­ket at present.

“It is a 10-year lease to a na­tional op­er­a­tor in a new pur­pose built unit,” he said.

“We ex­pect to see a strong in­ter­est, as has been demon­strated by other com­pa­ra­ble prop­er­ties on the mar­ket.”

Caffe Nero be­gan op­er­at­ing at the build­ing in July after tak­ing pos­ses­sion of the ground floor unit in June.

Mr Thal­lon said: “The build­ing was a for­mer Ul­ster Bank which we have re­de­vel­oped.

“We have put in a Nero on the ground floor and there are five apart­ments in the scheme as well.”

The cur­rent rental in­come gen­er­ated by the build­ing is £35,000.

The prop­erty was bought by Al­ter­ity In­vest­ments, which is now sell­ing on the lot fol­low­ing re­fur­bish­ment.

The Al­ter­ity In­vest­ments web- site states: “The new unit will oc­cupy a prom­i­nent po­si­tion fronting Main Street in the town cen­tre and is sit­u­ated amongst a com­bi­na­tion of re­tail­ers, restau­rants and cafes and sur­rounded by a range of guest houses and apart­ment de­vel­op­ments.”

Caffe Nero is one of the fastest grow­ing cof­fee shop busi­nesses in North­ern Ire­land, with more than 20 stores in the prov­ince.

It has a dozen shops in Belfast, in­clud­ing the for­mer De­laney’s cafe in Foun­tain Street, House of Fraser at Vic­to­ria Square and is due to open its lat­est at the Ormeau Road in the south of the city. Caffe Nero opened at sev­eral new lo­ca­tions last year, in­clud­ing at Royal Av­enue and at the Soloist build­ing near the Wa­ter­front Hall, and at Bal­ly­hack­amore in the east of the city.

The cof­fee chain is now worth around £230m across its UK busi­ness and now boasts more than 700 cof­fee shops across the world.

Al­ter­ity In­vest­ments has been work­ing with Caffe Nero to ex­pand out­side of Belfast lo­ca­tions.

Mr Thal­lon has pre­vi­ously said that the food and bev­er­age sec­tor was “un­der­go­ing a re­nais­sance in North­ern Ire­land” over the past two years, adding:

“Al­ter­ity In­vest­ments are at the fore­front of de­vel­op­ing pur­pose-built des­ti­na­tions for op­er­a­tors hav­ing had re­cent suc­cess with Boucher Square, Belfast, which houses Prezzo, Nando’s, Frankie & Benny’s, Ed­die Rock­ets and Costa Cof­fee.”

The build­ing which is home to Caffe Nero in New­cas­tle is up for sale

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