Catherine Place

Summary
Block of 27 apartments within 2 modern, purpose built blocks
Block 1
• 21 no. 2 bedroom apartments with underground parking/bike storage
• Solar panels on main roof to reduce costs from common areas
• Lift service from basement car park to all 3 floors
• Ground floor communal patio area to rear
• Positive air ventilation system installed in flats 1-21 to reduce condensation
Block 2
6 apartments (3 x 2 bedrooms and 3 x 3 bedrooms) with off street parking
• Fully occupied on rolling monthly tenancies
• Flats provided with cooker, fridge and washing machine with blinds to windows
• All flats finished with wooden floors
• Rents reviewed on 1st April 2025 with potential for future increases
• Currently producing £223,380 gross per annum with no debts arising
• EPC rating at 'B' on completion in October 2016
• All boilers fully serviced in May 2026 and Gas Certificates available and air filters changed
• All flats hold tenancy box for info on appliances, gas certificates, tenancy agreements etc
• Deposits held by TDS

Annual Servicing Costs
• Lift Service
• Roller shutter service
• Fire alarm service
• Basement emergency venting system
• Boiler gas certificates
• Air filter annual change in flats 1-21
• Communal ‘pay as you go’ tumble dryer in basement bicycle cage (hired from JLA)

Monthly Costs
• Common areas cleaned by tenants in flat 9
• Windows cleaned
• Bins managed and car park cleaned (loss of rent)

Recommended occasional works
• Clean solar panels and skylights
• Weed spray to rear yard and around edge of building
• Off street parking and rear yard power hosed

Background notes
• Flats 1, 23, 26 & 27 had been previously furnished for Airbnb lets but since covid have been leased as furnished flats. The cost of furniture etc has been written off but costs to provide internet services and TV licence still exist and retained in case Airbnb business was to return.

Built in 2016 the property is arranged on ground and 3 upper floors with a balcony terrace, served by a lift.

All apartments are separately metered for gas heating and electricity.

PRICE
Offers invited in excess of £3,500,000. A purchase at this level would represent a Gross Initial Yield of 6.19%.

Domestic rates payable (non-recoverable) for the current year are £18,438.66 for 2026/27.

LOCATION

Situated to the corner of Dufferin Avenue and Railwayview Street in the heart of Banor city centre.

FULLY LET RESIDENTIAL INVESTMENT OPPORTUNITY
27 APARTMENTS PRODUCING A GROSS RENTAL INCOME OF £223,380 PER ANNUM
An excellent opportunity to acquire a substantial fully let residential investment comprising 27 modern apartments arranged within two purpose-built blocks in the heart of Bangor, Northern Ireland.
Constructed in 2018, the development has been finished to a modern specification throughout and provides a strong and established income stream with further potential for future rental growth. The property occupies a highly convenient city centre location on the corner of Dufferin Avenue and Railwayview Street, adjacent to Bangor’s busy transport hub, providing excellent transport links and easy commuting access to Belfast and surrounding areas.
The scheme is ideally positioned close to local shops, cafés, restaurants, coastal walks and Bangor Marina, making it an attractive and highly desirable residential location for tenants.
PROPERTY DETAILS
The property comprises 27 apartments within two modern purpose-built blocks.
Block 1 comprises:
• 21 No. two-bedroom apartments
• Underground parking
• Secure bike storage
• Solar panel installation
Built in 2018, the property is arranged over ground and three upper floors and benefits from lift access together with a balcony terrace serving a number of apartments.
All apartments are separately metered for gas heating and electricity, allowing for efficient management and tenant accountability.
The development has been professionally maintained and represents a rare opportunity to acquire a large-scale residential investment in a prime commuter location within Bangor city centre.
INVESTMENT HIGHLIGHTS
• Fully let residential investment
• 27 apartments across two modern blocks
• Gross rental income of £223,380 per annum
• Potential for rental growth
• Purpose-built development completed in 2018
• Lift-served accommodation
• Underground parking and bike storage
• Solar panels installed
• Strong commuter location
• Walking distance to rail and bus station
• Individually metered gas and electricity supplies

PRICE
Offers invited in excess of £3,500,000.
A purchase at this level would represent a Gross Initial Yield of approximately 6.19%.

RATES
Domestic rates payable (non-recoverable) for the current year are approximately £13,500.

LOCATION
Situated prominently on the corner of Dufferin Avenue and Railwayview Street in the heart of Bangor city centre, the property benefits from immediate access to Bangor Rail Station and Bangor Bus Station, making commuting throughout Northern Ireland simple and convenient. The development is also within close proximity to Bangor Marina, local retail amenities, cafés, restaurants and recreational facilities, further enhancing its appeal to tenants and investors alike.