The building, 90 Botanic Avenue, represented a prominent fully let retail and residential investment opportunity which comprises one retail unit and two apartments.
The ground floor and first floor comprise a modern retail unit which has been occupied by long-term and high profile tenant, Starbucks. Starbucks will continue to lease this property following the sale, providing a secure income.
Two apartments, which have been finished to a high standard, are located above the retail unit. Private rental tenants are already secured in the apartments on the upper floors.
Stuart Draffin, director and head of agency at Lambert Smith Hampton, said: “We are pleased to have completed this transaction following what was a very competitive bidding process. We anticipated that as a result of its prominent location in Botanic and close proximity to Queen’s University that there would be significant interest in this property. The combination of location, tenant strength and the attractive level of return proved very popular.”
Martin McCloy, director of capital markets at Lambert Smith Hampton, said: “We are experiencing increasing demand for investments of this type and, contrary to some recent reports, this transaction demonstrates that the local investment market is in good health. There is a lack of quality investment opportunities available but the appetite from private investors remains strong.”