33-37 Edward Street Lurgan Craigavon County Armagh BT66 6DB GB

Details

FOR SALE 33-37 EDWARD STREET LURGAN CO. ARMAGH BT66 6DB

PRIME DEVELOPMENT SITE INCLUDING LICENSED PREMISES FOR SALE AS 1 OR 2 LOTS

This site has a central location within Lurgan, fronting Edward Street with secondary frontage onto Waring Street. Planning consent approved for 3 apartment blocks consisting of 16 apartments in total in addition to a new commercial unit, off licience and bar at ground floor level of block 3.

GUIDE PRICE:- Offers around £1,260,000 CLOSING DATE FOR OFFERS:- Thursday 19th June

LOCATION Property located in Lurgan Town Centre. A rural town located approximately 24 miles South of Belfast, has a population of around 23,000 and is a popular commuter town to Belfast. This site is located at the junction of Waring Street and Edward Street.

PLANNING Planning consent has been approved (under planning ref LA08/2021/0466/F) in August 2023 for demolition of existing buildings and erection of 3 apartment blocks consisting of 16 apartments in total. Proposal also includes new off licence and bar at ground floor level of block 3 at junction of Waring street & Edward Street. Intending purchasers are advised to seek their own independent advice on the planning. The PDE response from NI Water dated 25.11.24 confirms there is available capacity at the WwTW at Ballynacorr for public foul sewer Expiry date 27.5.26. Copy available on request.

ACCOMMODATION Blocks 1 & 2 both consist of six apartments: Ground Floor- one 1 bed apartments and one, 2 bed apartment. First Floor- one,1 bed & one, 2 bed apartments Second Floor- one, 1 bed & one 2 bed apartments The overall floor area of each proposed block of apartments extends to approx. 468 Sqm. Block 3 consists of Ground Floor- Bar area, off licence, takeway, cold room, toilets, lift & lobby area. First Floor- Two 2 bed apartments Second Floor- Two 2 bed apartments The overall floor area of block 3 extends to approx. 520 Sqm. We are advised by the owner that Block 3 is currently under consideration by Invest NI for tourism grant support of between 15-18% of build costs for self catering accommodation to Tourisn NI 3 Star Standards.

SERVICES The existing licensed premises (Reid’s Bar) includes all main services including water, sewage, gas, electricity and telephone.

SOCIAL HOUSING Armagh Banbridge Craigavon (ABC) Regeneration have identified this site as best suited to social housing with NIHE support. The site is outside the conservation area of the town.

TITLE The property is comprised within Land Registry Folios AR110979 & AR114517.

LICENSED PREMISES (Currently trading) Ground Floor- 266m2 First Floor- 125m2

CURRENT INCOME BLOCK 3 The vendor has confirmed that Block 3 currently shows a 12% gross yield on asking price.

VENDOR’S SOLICITOR Ciaran Rafferty, Rafferty & Co 83 Hill Street Newry BT34 1DG ciaran@ciaranraffertysol.com

EPC (Reid’s Bar) C, valid until 19.12.34.

VIEWING By inspection with the selling agent.

OFFERS Whilst the agents invite offers from interested parties for this property initially on a private basis, we reserve the right on behalf of the Vendors to conclude the bidding (if necessary) by holding a meeting of all bidders on a specified date and time in our office. In the event that a meeting is to be arranged, only those parties with a valid offer on the property can be assured of being notified of the specific time and date.

LOTS Intending purchaser may acquire this site in 2 lots if preferred Lot A- Land for blocks 1 & 2. Lot B- Licensed premises for redevelopment of Block 3.

GUIDE PRICE Lot A- Blocks 1 & 2 site for 12 apartments Offers around £510,000

Lot B- Licensed premises Offers around £750,000

Entire Offers around £1,260,000

CLOSING DATE FOR OFFERS Thursday 19th June 2025