Monday 16 July 2018

Belfast apartment portfolio at €2.25m

The studio portfolio is set out over three floors at the Obel Tower
The studio portfolio is set out over three floors at the Obel Tower
Ronald Quinlan

Ronald Quinlan

Agent Lisney is seeking offers in excess of Stg£2m (€2.25m) for a fully-let portfolio of 26 studio apartments at Belfast's Obel Tower.

Set out over three floors in the tallest building on the island of Ireland, the studios have a distinct design, which Stephen Chambers, associate director in Lisney's Belfast office, believes sets them apart from the other apartments in the building.

The Obel, which opened in 2011, is a 27-storey complex comprising 233 luxury apartments and 52,462 sq ft of grade A office accommodation.

Commenting on the studio portfolio now being offered to the market, Mr Chambers said: "This opportunity comprises all the studios available in the building which are located on floors one to three and offers a secure, functional living space that provides the perfect hub for experiencing city life and all that Belfast has to offer.

He added: "These studios are very much different to the other apartments available at the Obel, providing a space that can be tailored to cater for on-the-go lifestyles. The studios, like the building itself, reflect the changing face of Belfast as the city becomes more closely aligned with other major European centres."

At Stg£2m - or just under Stg£77,000 per studio, the Obel portfolio would appear to be keenly priced.

At the time of the development's launch in 2005, studios at the Obel cost Stg£90,000. By 2007, as the market boomed, so too did the prices at the Obel, with the studio apartments hitting Stg£160,000.

Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business