Investors Continue To Acquire Solid Investment Properties
11 November 2009Library Court, a commercial development occupying a prominent position on the Upper Newtownards Road, Belfast has been sold to a local private investor. Situated on the corner of Eastleigh Drive and the Upper Newtownards Road, the property comprises eight retail units at ground floor level in addition to a first-floor library, which is held by way of a long leasehold. A customer car park containing 25 spaces is located to the rear of the property. The development is fully let and tenants include Belfast Education & Library Board, Youth Justice Agency, Muse Hair and the Streat. The scheme has a rental income of £132,000 per annum and benefits from both a strong vehicular and pedestrian traffic flow.
Pic: Library Court
While acknowledging that economic conditions are still having an adverse effect on commercial property in general, Andrew Coggins, Investment Director with Osborne King who acted for the vendor, commented: "Certainly, the market is experiencing a protracted period of re-alignment mainly in terms of price adjustment. Nevertheless, this is providing enhanced opportunities for investors, particularly those who are less highly geared and who can take advantage of a yield shift in the market. Granted these are challenging times, however, I am convinced that local investors will continue to seek out and acquire solid investment properties such as Library Court that offer secure long-term income and strong yields on a medium to long-term basis, which is essentially how property as an asset class should be regarded".
David McNellis from Lisney, acting for the purchaser, added: "There is certainly value in the current market to acquire properties such as Library Court, which offer well-secured income and is strategically located within a strong suburban retail pitch".