College Court Central, King Street, Belfast, BT1 6BZ

Property Details

Property Highlights
15 no. modern 2 bed apartments
City Centre location
Available as a single lot
Great opportunity to acquire city centre apartments within one block
Sold with Vacant Possession
Guide Price £1,725,000 exclusive (reflecting £115,000 per apartment).

Location
The subject properties are located within the College Court Central development in Belfast City Centre on King Street, which links Castle Street and College Avenue. The apartment complex sits adjacent to Queens Universities' 'Elms BT1' Student Accommodation. This central location benefits from easy access to a range of amenities within walking distance such as shops, educational campuses, bars, restaurants and various other leisure facilities which the city centre has to offer.

Market Commentary
The PropertyPal Housing Market Trends Report Q2 2023 notes that house prices across the province have experienced Annual price growth of 7.6% with the All Properties average now reflecting £200,600. The average for apartments reflects £143,200 which has also experienced good annual growth of 3.0%. Belfast's All Properties average price now reflects £212,500 which is an annual increase of 7.8%.

The PropertyPal report also comments on the growth of the provinces' Rental sector quoting that the average All Properties rent is now £791 per month which reflects an
annual growth of 9.7%. The average rent for Apartments is also noted at £789 per month which reflects an annual growth of 9.0%. Looking closer at Belfast the All Properties rent is now £908 per month which reflects an annual increase of 11.3%.

Description
The subject property is a modern apartment complex which was constructed in c.2009. A number of apartments have been sold and rented privately since construction. The portfolio of apartments which are available are arranged over floors 1-5 and benefit from lift access. Typical overheads associated with each apartment include:
Service Charge: £ 1,336.00 p.a.
Insurance: £ 354.70 p.a.
Average Rates Payable: £ 663.00 p.a.
Ground Rent: £ 344.64 p.a.
Total: c. £2,698.34 p.a.


Title
We understand that the property is held long leasehold for a period of 750 years subject to a ground rent of £344.64 per annum per apartment (Reviewed Annually in line with RPI).


Price Guide
We are instructed to seek offers for the portfolio as a single lot with offers over £1,725,000 exclusive. Reflecting £115,000 per apartment.

VAT
All prices are quoted exclusive of VAT, which may be payable.

Accommodation
Typically the apartments comprise 2 no. bedrooms with an ensuite shower room (one has a walk-in dressing room in lieu of ensuite), GFCH, Open plan kitchen, dining & living area, modern bathroom with 3 piece suite and intercom entry system. We have noted below a list of the apartments forming this sale:
Apt No. Floor No. Beds Approx. Size* EPC
101 First Floor 2 646 sq.ft
102 First Floor 2 647 sq.ft
110 First Floor 2 614 sq.ft
111 First Floor 2 581 sq.ft
202 Second Floor 2 646 sq.ft
213 Second Floor 2 581 sq.ft
301 Third Floor 2 646 sq.ft
302 Third Floor 2 646 sq.ft
306 Third Floor 2 721 sq.ft
308 Third Floor 2 678 sq.ft
402 Fourth Floor 2 646 sq.ft
403 Fourth Floor 2 647 sq.ft B84
501 Fifth Floor 2 648 sq.ft B84
503 Fifth Floor 2 649 sq.ft
513 Fifth Floor 2 581 sq.ft
*Based on LPS areas.
Please note a further 16no. apartments could be purchased in addition to these apartments. Further details available on request.