Belfast Telegraph

Belfast property firm celebrates 'fantastic' £7m auction event

By Andrew Madden

More than £7m worth of property was sold at the latest Osborne King property auction in Belfast, in what the company described as a "fantastic" result.

A total of 64 lots were on offer at the auction at the Clayton Hotel on Friday morning and, by the end of the day, 82% of the properties were sold, the agency said. Osborne King also said that many lots went for "significantly higher than their reserve prices".

It said that one lot made up of three warehouse buildings on east Belfast's Ravenhill Avenue and Millar Street covering 17,833 sq ft went for well above expectations.

A maximum reserve was set at £250,000 and it sold for £325,000.

A half-acre warehouse site on Wildflower Way, just off Belfast's Boucher Road, had a maximum reserve price of £295,000 and sold for £337,000.

Mark Carron of Osborne King said: "All in all, the auction went great. The room was absolutely packed and there was some fierce bidding on many of the lots," he said.

"The atmosphere was great and there was a bit of competition.

"All told, we raised more than £7m and managed to shift 82% of the lots on offer, which was fantastic.

"We're actually expecting a few more lots to be sold next week, which will bring that number up even more.

"We're very pleased with how it went, and it just goes to show that there's plenty of life about the property market yet."

Elsewhere, a huge warehouse space measuring almost 30,000 sq ft in the Mahon Industrial Estate in Portadown went under the hammer with a reserve price of £360,000. The lot sold for £454,000.

Meanwhile, a portfolio of 26 apartments in Belfast's Obel Tower are currently on the market for over £2m, significantly less than their price had been before the 2008 global financial crash.

Belfast Telegraph

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