22 May 2014
The recent sale of 48-50 Ann Street in Belfast to an Irish based family trust is another positive indicator that the interest in commercial property investments in Belfast is continuing to grow following several years of stagnation.
Joint agents, DTZ McCombe Pierce and Colliers, sold the prime retail investment on behalf of a client for £1,085,000. It is currently let on a 15-year lease to Nero Holdings Ltd trading as Caffe Nero at a current rent of £80,000 per annum. The purchase reflected a net initial yield of just under 7%. “There’s a great deal of interest in well let Belfast investments at the moment both from locally based investors and increasingly those from further afield,” commented Michael Pierce from DTZ McCombe Pierce.
“The growing confidence in the Belfast commercial property market is a very positive indicator that the economy is on the upward curve again. There are several excellent opportunities to grow commercial property portfolios in the city but we would advise potential investors to act quickly as the asking prices will only increase from now on.”
