Strong interest expected in Stranmillis property on market for £675,000
A three-storey double-bay mid-terrace in the popular Stranmillis area of Belfast has gone up for sale, presenting commercial and residential opportunities for investors.
The property at 129 and 131 Stranmillis Road, which is priced at £675,000, is made up of two retail units, while the upper floors consist of two three-bedroom and one two-bedroom apartments.
The current ground floor units are occupied by an independent optician retail outlet and a Subway store.
The gross annual income of the property is currently said to be £51,820 per year.
Danny McGeown of McGeown Estate Agents said he expected the property to be popular with investors. He added: "Investment activity in Northern Ireland commercial property has improved in recent months and this particular prime retail and investment opportunity offers secure income which should prove attractive to potential investors.
"There has been a trend of competitive bidding for small lots with attractive tenants like this investment.
"Fully let, this investment represents a net yield of 6.9% after allowing for purchase costs of 4.5% and deductions."
Further developmental opportunities have arisen in south Belfast and Omagh. Property at Beechill Business Park on the Beechill Road in south Belfast has now been placed on the market. It's being sold by Osborne King for £2 million. That property includes Linden House, a 16,000sq ft office building with a range of tenants. The other element for sale is Springboard Business Centre, serviced office space measuring 3,817sq ft.
In Omagh, a residential site of 16.72 acres at the new Strathroy Link road is up for sale. It has outline planning permission and is located beside the £160m Strule Shared Education Campus. Frazer Kidd is handling the sale.