Belfast development with guaranteed rent income for investors a first, say agents
An upmarket housing development - described as the first in Belfast to offer investors rental income at a guaranteed rate - has been launched close to Peter's Hill.
Estate agents Colliers described Gardiner Square as located in the heart of the city centre, within walking distance of Ulster University, the Cathedral Quarter and Royal Avenue.
It said the development of 15 apartments and townhouses was the first in the city to offer guaranteed rental income - a model of property investment available in major UK cities such as Manchester.
It works by allowing investors who buy the property the option of signing up to a company that will manage the rental for a guaranteed 7% yield on the property price for the owner.
David Menary, a director at Colliers, said there had been strong demand so far.
A marketing brochure said the design has been based on "old Belfast factory walls".
Mr Menary added that the arrival of a new form of property investment reflected the rate of economic growth in Belfast.
Please log in or register with belfasttelegraph.co.uk for free access to this article.
However, he said the development would also be attractive to owner-occupiers.
There are nine apartments costing £145,000 for a two-bed and £170,000 for a three bed, while a three-bed townhouse costs from £190,000 to £204,000.
The brochure added that on the basis of a £145,000 purchase price, a two-bed would bring annual rental income of £10,150 on the basis of monthly rent of £846.
Construction has already begun with the apartments due to be completed next year.
Mr Menary said the development was also likely to offer cleaning and management services. He said it was an example of Belfast city centre now spanning a wider area.