Belfast Telegraph

Submissions now welcome for Osborne King's property auction

Andrew Madden

By Andrew Madden

Submissions have opened for Osborne King's next property auction, hot on the heels of their last event earlier this month that saw more than £7m in property sold.

The next lot of properties will go under the hammer on June 1, with Osborne King accepting property of all shapes and sizes, from residential and commercial, to vacant land for development.

Earlier this month, the agent's previous event at Belfast's Clayton Hotel saw 84% of the 60-plus lots on offer go for combined total of more than £7m.

Osborne King said many lots sold 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.

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

Meanwhile, 3.5 acres of land in Randalstown, Co Antrim, has gone on the market, with agents Burn & Co Commercial welcoming offers.

The land on the Staffordstown Road comes with outline planning permission for 24 properties: 12 detached and 12 semi-detached residences.

Elsewhere, 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.

In 2006, the flats were on sale for around £120,000 each.

At a minimum of £2m for all 26, each one is priced at around £77,000.

The portfolio is being put on the market by property agents Lisney, who are also selling a residential development site in Portrush with planning permission for 24 apartments.

Belfast Telegraph