Belfast Telegraph

2019 commercial property deals break through £100m barrier in Northern Ireland

Activity: Declan Flynn
Activity: Declan Flynn
Ryan McAleer

By Ryan McAleer

A total of £45m in commercial real estate investments remained on the market in Northern Ireland during the second quarter, with £101m in deals already completed in 2019, a report confirmed today,

Property consultants Lisney said the £60m worth of investment transactions completed between April and June 2019 was better than anticipated, and £5m more than the same period in 2018.

Second quarter deals were dominated by Citi's £34m purchase of its Gateway Offices base in the Titanic Quarter.

Elsewhere, the 580,000 sq ft Antrim Business Park went for £12.5m, while a 113,500 sq ft warehouse in Ballygawley, Co Tyrone, was the biggest industrial letting.

The biggest price tag in Belfast remains on the Great Northern Tower on Belfast's Great Victoria Street, which went on the market last October for £24m.

The Boat building on Queen's Square also remains on the market with an asking price of £8.5m, while the Clandeboye Retail Park in Bangor is also up for sale.

Declan Flynn, managing director of Lisney NI, said: "We're continuing to see healthy levels of local activity at smaller lot sizes with pricing remaining resilient.

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"That said the appetite of external investors is undoubtedly hampered in the current climate. This is understandable as the capital markets reflect the risk associated with Brexit. The retail sector continues to be a major talking point as the sector remains in the midst of a correction. Given how our volumes have been traditionally dominated by retail this is particularly pertinent for the Northern Ireland commercial property market."

Discount stores dominated retail property deals completed during the second quarter.

The Range's new 40,000 sq ft store at Northcott Shopping Centre was the biggest Q2 transaction, ahead of Next's new 27,000 sq ft unit at The Quays in Newry.

Primark also opened two large new stores in Belfast city centre and the Abbey Centre.

Belfast Telegraph