Posted on Monday 2 December 2019 by John Mulgrew
There is a strong pipeline of commercial property investors here but there remains a lack of market supply as owners sit on assets amid Brexit uncertainty, it’s been claimed.
Richard McCaig of Osborne King was speaking about the current property landscape here, with the Brexit deadline now pushed back to the end of January.
“I think a lot of people are waiting to see what happens with the election and with Brexit to see what the fallout is,” he said.
“There are lots of private individuals who are there and want to invest money in property. I would say we have had at least 20 to 25 private individuals who have in excess of £1m and who are prepared to buy. But the problem is the investors who are holding those assets don’t want to sell them because they are getting a good return on their money – it’s a catch 22.”
“I think there is an apprehension for people to sell because they are unsure if they sell, get their cash in, what do they do with it then?”
Meanwhile, Belfast has been described as the prime UK location for commercial property investment at an event in London.
Investors and public sector leaders, including Belfast City Council chief executive Suzanne Wylie, were in London to make the case for further investment in the city, including highlighting its “unique” position as a bridge between the UK and the EU following Brexit.
Read the Business Breakfast interview in the December edition of Ulster Business