£43m of property auctioned in Northern Ireland - commercial mortgages

26 October 2006

The market for people with commercial mortgages in Northern Ireland was boosted recently by an auction which attracted over 350 bidders.

Property consultants Osborne King sold over £43 million of commercial property in the region, including retail and office space, warehouses and property development land.

Clarence Chambers, an office development in Donegall Square East, Belfast, was sold to an investor for £5.5 million - £1.5 million over the expected price. A further £8.5 million was invested in 12 acres of land to be used for residential developments in Dungannon.

Commenting on the auction, Andrew Coggins of Osborne King, said: "I think that the success of last Friday's event, both in terms of attendance and the fact that over 75 per cent of the properties listed were sold as a result of the auction process, confirms that demand from clients and investors alike for disposing of and acquiring property by this method is actually increasingly."

Colliers CRE recently reported that retail rents in Northern Ireland increased by 1.2 per cent during the year to May 2006, below the UK average of 3.4 per cent, reported the Yorkshire Evening Post.