EDUCATED APPROACH PAYS OFF CLOSE TO QUEENS
22 January 2016The former Botanic Lodge, which lay derelict for several years, has been sold for £606,000, according to selling agents, Osborne King. The property came on the market in November 2015, and due to the strong level of interest a closing date for offers was set for 11th December 2015 with the deal completing within four weeks.
Located close to Queen’s University on Belfast’s Botanic Avenue, the property attracted keen interest from investors, despite planning permission for 23 apartments and a number of retail units having lapsed, and comfortably exceeded its original asking price of £295,000.
Commenting on the sale, Richard McCaig from Osborne King said: “The speed with which this deal was completed reflects the intense amount of interest in this particular development opportunity and suggests that market confidence has grown significantly over the past couple of years. We are now seeing the gradual return of buyers, many of whom are cash buyers, willing to acquire and develop property on a speculative basis. There can be little doubt that the commercial property market is moving forward at last, and given the level of interest that this sale generated, there is clearly demand for similar investment and development opportunities within this part of Belfast. We would certainly welcome the prospect of discussing disposals of a similar nature with other landlords and property owners.”
It is understood that a private Northern Irish investor has acquired the property.