Rise in confidence leading to big demand in Northern Ireland property
Increased confidence is driving demand and pricing in the Northern Ireland commercial property market, according to Belfast-based agency Lisney.
The company’s newly-appointed associate director Stephen Chambers said he anticipates several high profile transactions before year-end, and a “fruitful” 2016.
“This is an interesting time for investment in Northern Ireland, particularly within the retail and office sectors where increased confidence is having a big impact on demand and pricing,” said Mr Chambers.
“Retail assets currently on the market and attracting strong interest include Junction One and The Outlet, at a combined price of £60m, and the Land Securities portfolio of foodstore and shopping centre assets, at the combined guide price of £56m. These sales will contribute significantly to the annual property investment transaction value which is now expected to be in excess of £500m for 2015.”
Lisney’s investment department is set to transact in excess of £150m this year — more than 30% of the region’s annual investment transactions. Deals concluded in Northern Ireland include Erneside Shopping Centre Enniskillen and Boots on Belfast’s Royal Avenue.
Mr Chambers, who has experience in property and corporate banking, will advise on investment sales and acquisitions for clients, as well as the sourcing and structuring of funds.