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THE commercial property market will finish 2018 on an upbeat note despite Brexit fears and the lack of an Executive hitting investment prices, according to research.
Commercial property agent CBRE’s market update for the third quarter said there had been “solid progress” although political uncertainties in the background remain a concern.
There have been a number of major investment sales recently, including disposals of the Metro Building and Obel 68 — leading to a total spend of £122.2m.
And retail assets are also hitting the market, including Crescent Link Retail Park in Londonderry, which has an asking price of £40m, and Bow Street Mall is £18.5m.
And Canadian coffee and doughnuts giant Tim Horton’s is due to open a drive-thru in Belfast’s Connswater Shopping Centre, its second store in the city.
Brian Lavery, managing director, of CBRE Northern Ireland said: “Lack of local government and Brexit are impacting upon pricing, but it is clear that investor appe- tite in Northern Ireland remains encouraging from both locals and new institutional entrants.”
Meanwhile, a Grade A office development on Belfast’s Victoria Street has been launched after a revamp. Artola House dates back to the 1870s and once served as a linen warehouse. It has been refurbished by owners Stargime Group, based in Paris. The building was acquired in 2014.