2012 NEWS

RECENT NEWS

MARKET REPORT - HOUSING AND THE ECONOMY

The Economy is showing better signs of growth. Consumer spending is finally rising as employment rises and real incomes are being squeezed less by inflation.
Against this background we expect UK growth to stengthen over the next few years.
Interest rates should start to get back to normal levels next year, but this will be a slow and gradual process.

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OFFICE ACQUISITION - THRIFTWAY TRAVEL

Acting on behalf of Thriftway Travel, Whelan Commerical has aquired 4,500sq.ft of grade A office space at a landmark ofice development, Murrays Exhange.

MARKET REPORT - RETAIL RISK INDEX 2012

The Retail Risk Index is a guide to the level of tenant financial risk in the UK’s top 100 retail locations.

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LETTING - SHINE ON

Acting on behalf of a private client Whelan Commercial have negotiated a new letting of the former Spring and Airbrake night-club and concert venue on Ormeau Avenue to promoter Shine Productions, who acquired the night-club business from the Administrators.
Terms were agreed with Shine for a new lease to include the ground and first floors in the building which allowed them to increase the trading area significnantly and also provided the landlord with a new tenant for 50% of the building, substantially improving the value of his investment.

SALE - MINTED IN COOKSTOWN

Whelan Commercial have completed the sale of one of the largest licenced premises is mid-Ulster, the 14,000 sqft Mint Cafe, bar and night club in Cookstown has been sold to a prominent local businessman.
The extensive licenced complex had been closed for approximately 6 months and were marketed on the instructions of Tom Kennan of Keenan Corporate Finance acting as Fixed Charge Receiver.
Once appointed as agents Whelan were able to secure an operator to open and trade the business for a limited time period , thus protecting the liquor licence, securing the premises from vandalism etc. and generating business goodwill. Once back up and running the bar was put on the open market for sale, by way of informal tender.
The sale of the property was handled by Brian Nixon, Managing Director of Whelan Commercial. Brian commented that "the sale of Mint is a good example of where our specialist knowledge of the licenced trade enable us to deliver an added value solution to the Receiver"

OFFICE LETTING - VIRGIN MEDIA

Acting on behalf of Cemex, Whelan Commercial have secured a letting of 3,000 sqft of surplus office accomodation at Old Channel Road, Belfast to Virgin Media.

OFFICE ACQUISITION - WILLIS INSURANCE

During the final quarter of 2011 Whelan Commercial completed the acquisition of 7,000 sqft of Grade A office accommodation on behalf of Willis Group who are relocating their Belfast operation to the city centre from Shaftsbury Square with a move to the Centrepoint building on Dublin Road.
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OFFICE ACQUISITION - IBM UK

Whelan Commercial have acquired a 2,000 sqft office suite on the 10th floor of Victoria House on Gloucester Street, Belfast on behalf of IBM UK.

SALE - INVESTMENT PORTFOLIO

Acting on behalf of Co-Operative Group, Whelan Commercial have completed the sale of an investment portfolio comprising 4 Funeral Homes let to Dignity Funerals Limited in the greater Belfast area. Dignity are one of the largest operators in the UK funeral market with approximately 600 outlets.
The properties were all let on FRI 25 year leases from 2008, with a tenants break option in year and 5 yearly upwards only rent reviews. The price achieved reflects a net Initial yield of c. 7% after purchasers costs.
Commenting on the sale Will Stewart of Whelans noted that "while one swallow doesn't make a summer or indeed daffodils in January doesn't mean its spring, the result does give some cause for optimism. It is clear that despite the general doom and gloom overhanging the local property market, there is latent demand from cash backed private investors who are seeking secure propositions that can offer a significantly better return than that available from deposit accounts."