A WELL-known property in the heart of Belfast' student district has sold well in excess of its £695,000 asking price following significant interest from investors.
The building, 90 Botanic Avenue, which houses coffee multi-national Starbucks, represented a prominent fully let retail and residential investment opportunity which comprises one retail unit and two apartments.
Long-term tenant Starbucks will continue to lease the ground floor and first floor on the modern retail unit in the Queen's Quarter, providing a secure income for the buyer, yet to be disclosed.
The two apartments, which have been finished to a high standard, are located above the retail unit and private rental tenants have already been secured.
Stuart Draffin, director and head of agency at Lambert Smith Hampton said there was "significant" interest in the property.
“We are pleased to have completed this transaction following what was a very competitive bidding process. We anticipated that as a result of its prominent location in Botanic and close proximity to Queen’s University that there would be significant interest in this property. The combination of location, tenant strength and the attractive level of return proved very popular.”
Martin McCloy, director of capital markets at Lambert Smith Hampton said that the deal was representative of the local investment market as a whole.
“We are experiencing increasing demand for investments of this type and, contrary to some recent reports, this transaction demonstrates that the local investment market is in good health. There is a lack of quality investment opportunities available but the appetite from private investors remains strong," he added.
