44 Hill Street,

Features

• Extremely prominent landmark building located in the heart of Newry city centre.
• Let to AIB Group (UK) PLC until 29th November 2029 at an annual rent of £94,015 per annum.
• Next rent review 1st December 2024.
• Tenant has an option to renew their tenancy at the end of their lease term for 20 years.
• Property extends to c. 10,618 sq ft and benefits from front and rear entrances.
• Seeking offers in the region of £945,000. An acquisition at this level would reflect a net initial yield of 9.44% after purchaser’s costs of 5.39%.
• EPC Rating pending.

Investment Opportunity located within the heart of Newry City Centre let to AIB Group (UK) Plc

The property is located within the heart of Newry city centre, with excellent frontage onto both Hill Street and The Mall, overlooking the Newry Canal, the Old Creamery Retail Park and a short distance from the Buttercrane and Quays shopping centres.

The property comprises a purpose-built of a three-storey bank premises, constructed in 1903 by Alexander Whelan. The front entrance from Hill Street is the main pedestrian entrance off the main shopping street in the city leading to the banking hall. The rear entrance from The Mall is very impressive and benefits from pedestrian and vehicular access. ATMs are located at both the front and rear entrances to the building. The upper floors comprise a mix of offices and staff facilities.

The city of Newry is considered to be the ‘Gateway City’ between Northern Ireland and the Republic of Ireland and is strategically located approximately 39 miles south of Belfast and 67 miles north of Dublin.

Neighbouring occupiers include Danske Bank, FD Technologies, TUI and Menary’s. Other major footfall drivers in the immediate vicinity include Canal Court Hotel, and the Southern Regional College campus