RESTAURANT INVESTMENT SNAPPED UP FOR WELL ABOVE ASKING PRICE
05 September 2017A prominent investment opportunity located on Botanic Avenue, Belfast has substantially exceeded its asking price according to selling agents, Osborne King.
The mid-terrace property, occupied by the popular Boojum Burrito Bar, was on the market for £450,000, however, it was sold well in excess of this figure to a local investor, reflecting a net initial yield of sub-5.5% after purchaser’s costs. The tenancy is unaffected by the sale.
Commenting on the sale, Thomas Osborne of Osborne King remarked: “From the outset, there was strong interest in the property and we had a significant number of offers from credible parties, including those from overseas investors. The sale was closed by way of informal tender and remarkably the process from initial marketing to completion took just under ten weeks.”
He added:” Undoubtedly, the location of this investment opportunity, which is popular with students and young professionals coupled with the fact that it is fully let to Boojum Ltd attracted a great deal of interest from investors. The sale demonstrated the level of confidence within the local market and current lack of investment product combined with high demand means that good quality investments will achieve strong prices.”