Posted on Monday 30 October 2017 by Ulster Business
A prominent building housing burrito bar Boojum on Belfast’s Botanic Avenue has sold “well in excess” of its asking price, according to agents.
Osborne King had been tasked with selling the mid-terrace property which has been sold to a local investor with the restaurant tenancy still in place.
It had been on the market for £450,000 but sold for well above that price to give a net yield – the annual rent minus annual costs divided by the value of the property – of “sub 5.5%”.
Thomas Osborne from Osborne King said there was a rush to secure the purchase.
“From the outset, there was strong interest in the property and we had a significant number of offers from credible parties, including those from overseas investors. The sale was closed by way of informal tender and remarkably the process from initial marketing to completion took just under ten weeks.”
He said the strong tenant had been a big attraction.
“Undoubtedly, the location of this investment opportunity, which is popular with students and young professionals coupled with the fact that it is fully let to Boojum Ltd attracted a great deal of interest from investors. The sale demonstrated the level of confidence within the local market and current lack of investment product combined with high demand means that good quality investments will achieve strong prices.”