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Bidders snap up bargains as Northern Ireland properties go under hammer


The apartment block at Cloisters in Belfast

The apartment block at Cloisters in Belfast

The apartment block at Cloisters in Belfast

A south Belfast apartment for £117,000 was one of the major bargains snapped up at a property auction yesterday.

Hundreds of budding investors travelled from across Northern Ireland to the Holiday Inn on Ormeau Avenue in the city for a chance to buy more than 50 properties and sites going under the hammer.

It was standing room only as bidding started on a massive portfolio in Londonderry which included a 227-space car park, one-bedroom apartment and 0.32-acre development site at Harper Quay.

One plucky bidder chanced a £100,000 offer, but following a keen effort by two others, it sold for £365,000.

Next up was one of the most eagerly anticipated lots, a modern two-bedroom apartment at The Cloisters on University Avenue, a short distance from Queen's University.

Its capital value was £130,000, but it was offered for auction for just £95,000. It was bought by a couple from Magherafelt for £117,000.

The couple, who preferred not to be named, said it was the first time they had been to a property auction.

"We saw this apartment in the catalogue and had been to see it before the auction," they said.

"There is just such a poor return on money in the bank these days we thought property would be a much better investment.

"So far we are thinking about renting it out, although we have some nieces and nephews who will be coming to Belfast in a few years' time so we'll see."

A similar apartment in the complex rents per month for around £620.

Later in the auction, a three-bedroom bungalow on Palmerston Road in east Belfast sold for £96,000, slightly under the reserve price of £100,000. Its capital value was set at £140,000.

A two-bedroom house on Alliance Avenue in north Belfast sold for just £39,000 and a spacious two-bedroom holiday apartment in Portrush sold for £81,000.

One of the best-achieving lots was Keady Quarry in Limavady. It sold for £120,000 - four times the reserve of £30,000.

And a 2.14-acre piece of land in Enniskillen, Co Fermanagh, sold for £90,000 - nine times the reserve of £10,000.

What sold for what?

The Cloisters, Belfast, reserve: £95k. Sold for: £117k; Princes Gate, Dromore, reserve: £67,500. Sold for: £74k; Keady Quarry, Limavady, reserve: £30k. Sold for: £120k; Peninsula Apartments, Portrush, reserve: £70k. Sold for: £81k; Upper Newtownards Road, Belfast, reserve: £70k. Sold for:£60k; Alliance Avenue, Belfast, reserve: £33k. Sold for: £39k.

Belfast Telegraph