Belfast Telegraph

City centre site changes hands for £450,000

By Margaret Canning

A site in Belfast's city centre has been sold for around £450,000, the Belfast Telegraph can reveal.

Agents CBRE, who brokered the sale, said the Gloucester Street deal represented one of the few sites to have changed hands in the city centre over the last four years.

The site beside Chichester Street and May Street was put on the market in March.

It was bought for over £2m in 2006 by Convalla Developments LLP, now in receivership.

The buyer is thought to be Village Homes, which is headed by Alan Fraser of the famous Fraser house building family in Co Down.

CBRE said: "It was sold at its asking price to a well-known residential development company. The purchaser intends to submit a planning application shortly on the site for the construction of 44 apartments."

CBRE director David Wright said: "The sale of this site within a relatively short timeframe underlines that there is appetite to purchase city centre sites providing they are packaged properly and priced at realistic levels.

"It demonstrates there are developers prepared to take a medium to long term view on city centre development."

A building at nearby Montgomery Street sold for £1.9m three years ago.

That street is the location for Village Homes' The M Building, a 14-storey development where the company planned to build 48 pod-style apartments.

It recently amended its plans to build 36 one-bedroomed apartments instead after a launch of the pod-style apartment concept failed to attract strong interest.