Belfast Telegraph

Two Iceland buildings in Belfast to be sold off at London auction

By John Mulgrew

Buildings housing two Iceland supermarkets in Belfast are set to go under the hammer in London next month.

The stores at Finaghy Road and the Shankill Road are being sold by Allsop, during an auction at The Berkley in London on May 23.

Iceland has leased the properties until 2030.

Earlier this year, two other Iceland properties were also sold off.

That included Iceland investments on the Antrim Road (£1.3m) and Newtownards Road (£1.325m).

A report into Northern Ireland's commercial property market showed it is off to a slow start in 2017, with investment value six times less based on the same period a year earlier.

The total investment in the first quarter was £11.6m, with transactions mainly driven by the retail sector. That's down from £69m in the same period last year.

However, according to the latest property report from Lambert Smith Hampton, "a strong pipeline should see figures improve through the rest of the year".

The majority of sales, 72%, were in the retail sector. In the office sector, Lambert Smith Hampton sold Chancery House in central Belfast for £1.69m, while Elizabeth House sold for £1.21m in the first quarter.

Darren Fitzsimons, head of valuation at Lambert Smith Hampton in Northern Ireland, said: "In Northern Ireland investment activity has been low in quarter one 2017 principally due to a restricted supply. Office space property made up 15% of deals, while industrial property was 13% of overall sales.

The report says that "nine months on from the Brexit vote the economy is continuing to perform better than expected".

It adds: "However, significant challenges remain, such as the economic fallout from Brexit and the political uncertainty in NI".

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