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Property Sales & Lettings NI are delighted to bring to the sales market this fantastic Investment Opportunity with Full Planning Permission and Building control consent ideally located on the ever popular Ormeau Road, Belfast. The property is passed with full planning and Building control consent for ground floor office space and two one bedroom apartments across the 1st and 2nd floors.
Located on one of Belfast's most prominent and busiest arterial routes with easy access to Belfast City Centre and transport links, the Ormeau Road is quickly becoming one of the highly sought after South Belfast locations with a number of local businesses such as bistros, coffee houses, vibrant pubs, leisure facilities and parks all within easy reach. The ground floor space would be ideal for an estate agency, solicitors, mortgage advisers or other such professional services company.
After obtaining the necessary consent; the space would also be perfect for hot food use. With the high footfall in the area and large student / young professional population; the space could be perfect for a sandwich bar, deli, takeaway, coffee shop or small diner.
N.B The property is being sold as a Cash Purchase only due to the condition of the property.
The property has full planning permission for change of use on the ground floor into office space and extending the ground floor space to the front to be in line with other properties on the street. Two one bedroom Apartments have been approved for the space on the first and second floors.
The property is in need of a full refurbishment. The ground floor unit was previously used as a taxi depot but fixtures and furniture have since been removed. Space above is accessible however; the space is in need of extensive renovation.
Investment Potential (once renovated):
We estimate the cost of renovation of office space and both apartments to be in the region of £90,000. After completion to a high standard, we would anticipate the apartments to achieve a sales figure of around £200,000 collectively and ground floor office space £85,000. We would anticipate an annual rental return of £16,140 for the apartments with the commercial space yielding £12,000 pa. The overall annual income of £28,140 renders this investment; an opportunity is not to be missed.
Ground Floor Net Internal Areas:
Sales area to front: 140sq ft
Office / Storage Space: 122sq ft
Kitchen: 73sq ft
Storage: 66sq ft
Total: 401sq ft
N/B: All measurement taken at the widest points with a laser measuring tool. Please also note that Property Sales & Lettings NI Ltd have not tested any of the services or systems in this property. Purchasers should arrange/commission their own inspections if they deem this action necessary.
This investment offers excellent potential, so we highly recommend early viewings to avoid disappointment.
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