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Part of Belfast building sold for £2.5m to private investor


The PureGym property on Adelaide Street

The PureGym property on Adelaide Street

The PureGym property on Adelaide Street

A three-storey city centre property housing a gym has been sold to a private investor for nearly £2.5m.

The PureGym premises at Adelaide Street in Belfast is made up of three floors within a six-storey redbrick building.

The ground, first and second floors are leased out to PureGym - the UK's largest chain by membership - until July 2029. 

Commercial property agency Lambert Smith Hampton acted on behalf of the purchaser, who is from Northern Ireland and who bought the building for £2.46m.

It's next to Adelaide Exchange, home to tenants including Premier Inn and Liberty IT.

Neil McShane of Lambert Smith Hampton said economic and political uncertainty had affected supply of potential investment properties onto the market.

"There is no fear around the investment side of the market as such, but the uncertainty which is resulting from no Executive and Brexit has impacted on the supply," he said.

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"Good quality assets are continuing to trade well but there hasn't been enough of them.

"However, there has been a flurry of new opportunities in the last few weeks, presumably to capitalise on the market demand before the summer break."

Robert Ditty, director in CBRE, which acted jointly as selling agents with McGeown Commercial, said: "This off-market sale continues to demonstrate interest for prime city centre investment opportunities from local clients.

"Many are now focusing on alternative sectors such as leisure which typically offer longer leases and better returns."