|Address||18/22 Hill Street, Belfast|
|Price||Offers over £825,000|
Since it’s opening 2006, the Black Box has become the home for live music, theatre, comedy and literature. Occupying a high profile location on Hill Street in the heart of Cathedral Quarter it has emerged as the pre-eminent arts venue in the city. Cathedral Quarter, situated on the north side of city centre continues to develop as the cultural centre of Belfast with it’s mix of entertainment venues, galleries, bars, restaurants and hotels. A £250m expansion of Ulster University’s campus at York Street will provide a huge economic benefit to Cathedral Quarter with the influx of a further 10,000 students in 2018 and several proposed student housing schemes within the locality.
The Black Box forms part of a mixed use development constructed in 2006, incorporating a
two storey listed building fronting Hill Street and a connecting new 5 storey office building to the rear.
The tenant’s demise includes the ground floor of the listed building and the ground floor of the modern building to rear, totalling approximately 5560 sq.ft. (GIA). The upper floors of the modern section were sold to a number of owner occupiers when first developed.
The tenant, Black Box Trust ltd is a private limited company by guarantee. It was incorporated in 2006 and has been operating at 18/22 Hill since that date. The Black Box has become the pre-eminent arts venue in the city, providing a diverse cultural offering and a number of community projects. The tenant also receives additional revenue streams through a number public sector partners.
The tenant occupies the building under a 10 year lease from May 2006 subject to a yearly rent of £70,000 pa plus VAT and has expressed a desire to remain as tenant subject to a new lease. The tenant is responsible for internal repairs and the landlord recovers the usual estate management items such as external repairs, upkeep of common areas etc through a service charge.
The Cathedral Quarter has witnessed significant development in recent years and this will continue with
a further two hotels planned in Donegall street and Waring street respectively. The £250m Ulster University expansion at York Street will see an additional 10,000 students in the area. As a result of this major influx, there are now active requirements from UK multiple leisure/restaurant operators seeking space and as such an increase in rental levels is anticipated over the next couple of years.
Occupying a prime location on Hill Street, this represents a very rare opportunity to acquire a unique leisure investment with excellent potential for growth over the coming years.
Offer in excess of £825,000 plus VAT. A purchase at this price will show a return of 8.1% after costs of 4.8%.