Loch Promenade, Douglas
Asking price: £3,500,000

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Tower House, Loch Promenade, Douglas

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  • Prominent and attractive building located in the island’s main shopping area
  • Over 25,000 sq ft
  • Rental income: £251,551 per annum, with potential to increase rent to £325,231 per annum at full occupancy
  • 7.18% gross yield with potential to increase yield to 9.29% at full occupancy

Tower House is a modern purpose built shopping and office scheme set over 4 floors with a mixture of retail and office suites. It’s a unique complex situated in the centre of Douglas within walking distance of all amenities in town. It’s one of the largest shopping centres in Douglas and occupies a prime trading position on Castle Street.

The property has an extensive frontage and a floor area of over 25,000 sq ft providing a mixture of good quality accommodation of 4 storeys with a large and attractive atrium and ground floor café. Units benefit from wooden or carpeted floors, air conditioning, fibre optic connectivity and views over the promenade or towards the main shopping street.

The passing rent is £251,551 per annum. A handful of units are vacant which at full occupancy could attract a total rent of £325,231 per annum with full occupancy, subject to current rents. This would increase the gross yield to 9.29%. The vendor will be providing a rental guarantee for 12 months on the accommodation that is vacant on completion of the sale. The rent passing on completion will be £325,231, subject to current rents.

Full breakdown of tenancy details and terms available upon request.

The sale price for the property is £3,500,000, subject to contract and exclusive of VAT.


Location

Tower House occupies a prominent position in the island's main shopping centre and benefits from frontage onto Loch Promenade and the pedestrianised Castle Street. The main multi storey car park at Chester Street is located within 50 metres of the property.

Service Charge

Annual service charge for the upkeep and maintenance of the building based on the square footage of each occupier’s space.

VAT

All figures quoted are exclusive of VAT.

Possession

On completion of all legal formalities.

Viewing

Strictly by prior appointment through the Agents, Chrystals Commercial.


Location

Loch Promenade
Douglas IM1 2HE
Sale Type: For Sale
Ref #: DR3004
Darrel Tinnion
Chrystals Douglas
P: 01624 625100
TPO TSI RICS OnTheMarket Isle Man Chamber of Commerce Biosphere