Boojum building sells for well in excess of £450,000 asking price
The home of Belfast burrito business Boojum in the south of the city has been sold for substantially more than its asking price of £450,000.
The building on Botanic Avenue, occupied by the popular burrito bar, was sold to a local investor, according to commercial property agents Osborne King.
Thomas Osborne of Osborne King said: “From the outset, there was a strong interest in the property and we had a significant number of offers from credible parties, including those from overseas investors.
“The sale was closed by way of informal tender and remarkably the process from initial marketing to completion took just under 10 weeks.”
The final selling price was not revealed by Osborne King but the agents said Boojum’s tenancy is unaffected by the sale.
Mr Osborne said: “Undoubtedly, the location of this investment opportunity, which is popular with students and young professionals coupled with the fact that it is fully let to Boojum Ltd, attracted a great deal of interest from investors.
“The sale demonstrated the level of confidence within the local market, and current lack of investment product combined with high demand means that good quality investments will achieve strong prices.”
The building covers 6,500 sq ft across three floors, with Boojum on the ground floor. Staff areas and office space make up the rest of the premises.
The property is adjacent to Madison’s Hotel close to Queen’s University and Shaftesbury Square.
The Botanic Avenue shop was Boojum’s first store in the city.
The business has seen rapid expansion over the last two years after it was bought by brothers David and Andrew Maxwell in 2015.
Boojum opened its latest restaurant in Victoria Square shopping centre and has plans for another on the Lisburn Road, close to Marks & Spencer.
It is understood around 100 jobs could be created by the latest expansion. Boojum currently has 10 stores across Ireland. That includes four in Belfast, four in Dublin, and one in Galway and Cork.
The chain, which has enjoyed strong growth in Dublin and Belfast, uses Deliveroo to serve up its burritos to the home delivery market and has recently added a food truck to its range of eating outlets.
The business was originally founded back in 2007 but was bought over by the Maxwell brothers two years ago.
Meanwhile, a building which is home to a Starbucks coffee shop in Botanic Avenue also sold well in excess of its £700,000 asking price.
The building in the student area of Botanic Avenue was sold off by commercial property agency Lambert Smith Hampton.
It’s currently home to the coffee chain on the ground and first floors. The global coffee chain will continue to lease the property following its sale.
A number of new businesses have sprung up in the Botanic area over the last 12 months.
These include the Belfast barbecue business Bubbacue, which opened its second location at the site left behind by Cafe Renoir to join its first premises in Callender Street.