Wed, 27 Apr 2011 | COMMERCIAL PROPERTY
A major Irish property developer has acquired a former tea warehouse in Belfast city centre.
Village Homes purchased the Nambarrie building on Waring Street, which is close to the city's popular Cathedral Quarter, through CBRE for £1.2 million. The commercial property, which has been up for sale since 2008, had an asking price of £2.25 million.
Village Homes now plans to develop the building into an eight-storey complex comprising 56 one-bed apartments, which are tipped to sell for £90,000 each on completion. The complex will also include a range of retail outlets.
A local commercial property expert told the Belfast Telegraph, “This is another positive development for Belfast. The fact that somebody is prepared to come in and put their money where their mouth is and put planning applications in - which if approved, could lead to building - all helps Belfast.”
The development firm has also submitted a planning application to construct 75 apartments a building located in Belfast City centre's Queen's Square. The 14-storey property was formerly occupied by Grafton Recruitment. Property industry experts believe that Village Homes' development plans are a sign that the commercial property market in the city is on the rise once again.
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