Home of Boo­jum sells for well in ex­cess of £450,000 ask­ing price

Belfast Telegraph - Business Telegraph - - Com­mer­cial Prop­erty - BY MARK ED­WARDS

THE home of Belfast bur­rito busi­ness Boo­jum in the south of the city has been sold for sub­stan­tially more than its ask­ing price of £450,000.

The build­ing on Botanic Av­enue, oc­cu­pied by the pop­u­lar bur­rito bar, was sold to a lo­cal in­vestor, ac­cord­ing to com­mer­cial prop­erty agents Os­borne King.

Thomas Os­borne of Os­borne King said: “From the out­set, there was a 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 10 weeks.”

The fi­nal sell­ing price was not re­vealed by Os­borne King but the agents said Boo­jum’s ten­ancy is un­af­fected by the sale.

Mr Os­borne said: “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.”

The build­ing cov­ers 6,500 sq ft across three floors, with Boo­jum on the ground floor. Staff ar­eas and of­fice space make up the rest of the premises.

The prop­erty is ad­ja­cent to Madi­son’s Ho­tel close to Queen’s Univer­sity and Shaftes­bury Square.

The Botanic Av­enue shop was Boo­jum’s first store in the city.

The busi­ness has seen rapid ex­pan­sion over the last two years af­ter it was bought by broth­ers David and An­drew Maxwell in 2015.

Boo­jum opened its lat­est restau­rant in Vic­to­ria Square shop­ping cen­tre and has plans for an­other on the Lis­burn Road, close to Marks & Spencer.

It is un­der­stood around 100 jobs could be cre­ated by the lat­est ex­pan­sion. Boo­jum cur­rently has 10 stores across Ire­land. That in­cludes four in Belfast, four in Dublin, and one in Gal­way and Cork.

The chain, which has en­joyed strong growth in Dublin and Belfast, uses De­liv­eroo to serve up its bur­ri­tos to the home de­liv­ery mar­ket and has re­cently added a food truck to its range of eat­ing out­lets.

The busi­ness was orig­i­nally founded back in 2007 but was bought over by the Maxwell broth­ers two years ago.

Mean­while, a build­ing which is home to a Star­bucks cof­fee shop in Botanic Av­enue also sold well in ex­cess of its £700,000 ask­ing price.

The build­ing in the stu­dent area of Botanic Av­enue was sold off by com­mer­cial prop­erty agency Lam­bert Smith Hamp­ton.

It’s cur­rently home to the cof­fee chain on the ground and first floors. The global cof­fee chain will con­tinue to lease the prop­erty fol­low­ing its sale.

A num­ber of new busi­nesses have sprung up in the Botanic area over the last 12 months.

Th­ese in­clude the Belfast bar­be­cue busi­ness Bub­bacue, which opened its sec­ond lo­ca­tion at the site left be­hind by Cafe Renoir to join its first premises in Callender Street.

The three-storey build­ing which houses Boo­jum on Botanic Av­enue in Belfast has been sold by Os­borne King

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.