Belfast Telegraph

Starbucks building in Belfast sold for 'more than £700k'

By John Mulgrew

A building which is home to a Starbucks coffee shop in Belfast's student heartland has 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 building also features two apartments.

The global coffee chain will continue to lease this property following the sale.

Stuart Draffin, director and head of agency at Lambert Smith Hampton, said: "We are pleased to have completed this transaction following what was a very competitive bidding process.

"We anticipated that as a result of its prominent location in Botanic and close proximity to Queen's University that there would be significant interest in this property.

"The combination of location, tenant strength and the attractive level of return proved very popular."

Martin McCloy, director of capital markets at Lambert Smith Hampton, said: "We are experiencing increasing demand for investments of this type and, contrary to some recent reports, this transaction demonstrates that the local investment market is in good health.

"There is a lack of quality investment opportunities available but the appetite from private investors remains strong."

A number of new businesses have sprung up in the Botanic area over the last 12 months.

These include the barbecue business Bubbacue, which opened its second location at the site left behind by Cafe Renoir to join its first premises in Callender Street.

And Scandi-style coffee shop Kaffe O moved into Boojum's old home further up the avenue.

Belfast Telegraph

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