PREMIER INN, BELFAST CITY CENTRE SOLD FOR £9 MILLION
18 December 2013
In the latest of a number of significant investment property deals in Belfast city centre, The Premier Inn at Four Corners in the Cathedral Quarter has been sold by Deloitte acting as administrators for Corner Blok Limited to CBRE Global Investors for £9.025 million representing a net initial yield of 6.3%.
Ric Crane, Director of CBRE Global Investors commented, “ The Four Corners acquisition demonstrates our continuing commitment to and confidence in the Northern Irish market. This is our fifth purchase in the province in recent years and we have a continuing requirement for further institutional quality investments within Northern Ireland.”
Gavin Elliott who acted on behalf of CBRE Global Investors said, “The second half of 2013 has been very active in the Northern Irish market and we have seen the largest volume of investment sales completed since the downturn in 2008. The Premier Inn investment provides an unexpired lease term to a strong and successful covenant while also delivering rental uplifts every five years. The purchase fulfils all the investment requirements sought by CBRE Global Investors.”
Andrew Coggins, Osborne King who acted on behalf of the vendor added, “So far this year, we have witnessed institutional investors bidding on virtually all of the major properties that have come on the market. This reflects the quality of the product on offer and the Premier Inn sale is further evidence of the confidence that these investors have in Northern Ireland, especially after an absence of many years during which our local market was dominated by private investors. It should also be noted that returns are better here than in other parts of the UK whilst prices are at much more realistic levels compared to five or six years ago; factors which obviously play a significant role in attracting investors of global stature.”
CBRE Global Investors was represented by CBRE while Deloitte was represented by Osborne King.