Lennox House in Armagh has gone on the market.
The development – fronting on to Market Street in the city – is expected to be sold as a going concern.
Offers are being invited in excess of £1.53 million – with a 12 month rental guarantee from the landlord.
The three-storey development opened just over 10 years ago and is home to two leading high street fashion retailers, Bon Marche and New Look.
Both businesses will remain in place and the sale would not in any way affect either’s ability to trade.
Indeed, both have 15 year leases which are not due to expire until 2019.
The development – located at nos 17-19 Market Street – also includes office accommodation and an ATM machine.
The three-storey complex currently has vacant offices available but provides accommodation to both the Southern Health Trust and the Reed Partnership, which specialises in training.
To the rear of the complex is the O2 store. It was placed on the market as a single entity last year with an asking price of £230,000 but is part of the overall Lennox House.
Savills has been instructed to place the prime city centre properties – described as an excellent “retail investment opportunity” – on the market.
Across the three storeys, the complex extends to over 18,500 sq ft.
The property tenanted by O2 forms one half of a single story purpose build retail warehouse unit to the rear of Lennox House, which provides a further 1,938 sq ft of retail accommodation at ground floor level.
The properties are held by way of freehold, whilst Development Securities (No. 83) Ltd – with a sub tenant Maurice Devlin, trading as O2 – purchased the long leasehold two years ago 2014 for 386 years – this is now service charge collection only.
The Lennox House development was built on the site of the former A Lennox & Sons department store, which was one of the country’s leading family-run retailers, opening for business in 1887.
Generations enjoyed all this fantastic store had to offer, and it provided employment for countless people over its many years trading.
One of its popular attractions – a mechanically operated ride, Humpy the Camel – was located just inside the entrance and now is housed in storage in the Armagh County Museum.
The Wheel and Lantern was also a popular feature, a busy restaurant and port of call for shoppers.
Sadly, the department store closed with the Lennox family blaming crippling rates for having to make the decision.
It closed in April 1998 and was later demolished and Lennox House – named in tribute – rose in its place six years later.
It has and continues to trade successfully and the proposed sale will not in any way affect any of the current outlets or their employees.
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