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Strong interest as Belfast apartment block goes on the market for £2.25m

By John Mulgrew

Published 13/10/2015

The Parklands development is on the market for £2.25m
The Parklands development is on the market for £2.25m

A major apartment block in east Belfast has gone up for sale with a price tag of £2.25m. The Parklands development on the Knocknagoney Road, located close to Tesco, is now on the market, with offers in the region of £2.25m.

The apartment complex boasts 45 two-bedroom properties, with the building being offered “for refurbishment/development”.

The site is around 3.43 acres and was built in the 1960s.

Parklands is being marketed by estate agency Simon Brien, who said the complex could be re-developed for a number of different uses, including re-development of the site for a new-build housing scheme, social housing scheme, a commercial office, retail site or a hotel — subject to a successful planning application.

It says Parklands occupies a “prominent site between Holywood and east Belfast” with an excellent range of amenities in the immediate vicinity including an array of shopping facilities and restaurants in Holywood town centre”.

“There is an under supply of both new build and resale property which is fuelling demand and boosting property values.

“In addition, the rental market is exceptionally strong with demand from young professionals and corporate clients for apartments and housing.”

Simon Brien added: “The fabric of the building is very good and a lot were occupied until the spring. Someone may come in and refurbish it, and then rent them out. The other option is they may refurbish the apartments and sell them privately.

And he said there had already been strong interest in the property.

“The boards went up on Friday and there has already been some interest in it,” he said.

“There is also scope to knock the building down and build a new development. It would be a good location for a hotel.

“If someone was refurbishing it, the apartments could be worth £115,000 to £120,000.

“The most straightforward would be to refurbish what is there. With the 3.43 acre site, there would be other commercial uses, such as serviced apartments and a hotel.

“Coming from Bangor to Belfast, there isn’t really one in close proximity to the airport.”

The building was the scene of a fire earlier this year after a blaze at one of the apartments.

Three residents were rescued from the building when a fire took hold in the early hours of the morning.

Eight fire appliances were sent to the apartment complex.

Looking for the ideal site for your build? Find it at propertynews.com

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