Belfast Telegraph

Belfast apartments sold for £5.6m as city centre demand rises

By Ryan McAleer and Margaret Canning

The sale of 28 apartments in a new development in south Belfast has yielded £5.6m - prompting claims of "a return in confidence" in city centre housing.

Barnett Developments said the sales had been made in the second phase of building at the £17m 'Portland 88' project on the Ormeau Road.

The seven-storey block includes 88 apartments with 'smart home intelligence systems', enabling residents to control heating and lighting and other appliances from a smartphone.

The development, which started in April 2017, is due for completion in December 2018.

The apartments are on sale through agents Colliers.

Barnett Developments chief executive Nick Barnett claimed the success of the sales so early in the release of the first two phases is a "huge show of a demand in the city centre residential market". 

"Belfast is on the cusp of a returning confidence and demand for city centre living like many of our UK and European neighbours," he said.

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Success: Nick Barnett

The block is made up of 10 one-bedroom apartments, 74 two-bedroom apartments and four three-bedroom luxury apartments.

Prices range from one-bedroom properties at £165,000 and nine two-bedroom apartments for between £189,000 to £219,000.

A three-bedroom penthouse on the site is listed as 'sale agreed' but with no indication of price given.

Mr Barnett said the development had drawn a range of purchasers.

"To date, our purchasers have been a mix of young professionals, couples who work in the city and people relocating to Belfast for work, and indeed investors who see the opportunity for purchasing the properties through buy-to-let for the thriving rental market," he said.

The development is being built by Graham Construction and was designed by Gregory Architects.

There are already a number of apartment buildings in the area, including Lucas Building and Tyrone House on Ormeau Avenue, and Somerset Studios and Shaftesbury Court buildings on Marcus Ward Street.

Meanwhile, nearby Havelock House - the birthplace of broadcaster UTV - is on the market through estate agent Savills.

The property has an asking price of £3.5m and has been on the market since April.

The TV station, which is now owned by ITV, is in the process of relocating to new studios at City Quays.

Belfast Telegraph

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