20 November 2015

Osborne King’s final auction of the year takes place on Friday 27 November in the Clayton Hotel, Ormeau Avenue Belfast.  The company’s auction catalogue features 55 lots with a combined overall maximum reserve value of over £5.5 million making it Osborne King’s largest auction of the year. 

An interesting array of residential and commercial properties and development land is up for grabs over a wide geographical spread of properties that includes the border counties of Monaghan, Donegal and Leitrim.  

Among the properties on offer are six houses in the Stranmillis area, which is popular with students and young professionals.  The maximum reserve price for these properties range from £50,000 to £140,000, and while they require varying degrees of refurbishment, recent sale prices of £225,000 achieved within the area make these properties an attractive investment proposition for buy-to-let investors or first-time buyers. In Belfast city centre, a sixth-floor apartment in the prestigious Custom House Residence close to Custom House Square and a five-minute walk from the city centre is for sale with a maximum reserve price of £180,000.  

Prospective buyers will also have the opportunity to bid on two self-contained retail units on Kingsway, Dunmurry, five miles south of Belfast city centre which have a maximum reserve price tag of £135,000.  Developers and investors looking beyond Belfast may be interested in acquiring development opportunities as far afield as Clones, Co. Monaghan, Aughnacloy, Co. Tyrone, Enniskillen and Brookeborough in Co. Fermanagh and Castlerock, Co. Londonderry, with maximum reserve prices ranging from £8,000 to £450,000.  Meanwhile, the Horseshoe Bar in Newtownhamilton, Co. Armagh (maximum reserve price of £35,000), may appeal to the licensed premises operator as either an owner-occupier or buy-to-let opportunity.     

During the past four and a half years, Osborne King has sold property to the value of £35 million across 13 auctions and earlier this year was ranked 6th in the UK Top Auctioneer’s list which is compiled by the Essential Information Group (EIG), an off-shoot of leading property magazine, Estates Gazette. Public interest in local auctions shows no sign of abating and according to Mark Carron, head of OK’s auction team, the number of private sellers is increasing steadily. He commented, “As confidence comes back into the market, property values are starting to rise and we are seeing a fair number of repeat buyers who are attracted by competitive prices and the speed and transparency of the auction process.”

He added, “We also have quite a few development sites and opportunities on offer, which is linked to growing demand within the residential market stemming from the housing shortage province-wide.  Meanwhile, the volume of loan sales over the past year or so has allowed banks to re-balance their books leading to a relaxation of previous funding restrictions.  Low interest rates for at least the next year, more favourable finance terms and work-in-progress funding are all helping to attract buyers into the auction room.  This will be our biggest auction of 2015 and we have a fairly even split between commercial and residential property and development land, which will appeal to a broad range of buyers from developers and investors to first-time and cash buyers. With yields as high as 10%, it still pays to invest in bricks and mortar.”

Full details of each property within Osborne King’s current auction catalogue are available on request or by downloading direct from the company’s website 

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