The BBC is this morning reporting that NAMA has sold an office building in central Belfast for GBP 3.1m (€3.8m). Killymeal House at 2 Cromac Quay in the city centre was developed by Peter Dolan’s Jermon Developments and is rented to the Industrial and Fair Tribunals service of the British government, on a lease with over 12 years remaining on an upwards only rent. The 25,000 sq ft property was sold to a Northern Ireland company -JM & JT Partnership – reportedly associated with Ansley Tolland of JP Corry building suppliers. At €150 psf, it is hardly the most expensive office building but it boasts a healthy and safe annual rent of GBP 275,321 (€341k) indicating a yield of 8.9%.
The building appears to be the one designated as being in “The Gasworks” in Belfast in the March 2012 NAMA Enforcement List which was being marketed for sale by Northern Ireland agent BTW Shiells and the receiver is shown as Keenan Corporate Finance. The brochure for the property is here. The BBC reports the sale was finalised in early May 2012.
NAMA last year sold a shopping centre in Scotland which had been developed by Jermon, led by the pharmacist-turned-developer county Tyrone-man, Peter Dolan. The property was sold for GBP 4.85m or GBP 40 psf. NAMA last year also sold Jermon’s Fanum House as a development opportunity for a reported GBP 4-5m which if confirmed would work out at around GBP 80 (€92) psf.
Remember you can see a list of media reported NAMA sales here.
Osborne King have another auction of distressed properties on 14th June, catalogue link http://www.osborneking.com/siteFiles/resources/auction%20pdf/catalogue%20june%2012.pdf. There are 17 lots.
I just noticed BTW Cairns also have an auction on 26th June, which looks more interesting. Both sales seem suitable for cash buyers only. Link to BTW Cairns auction below
http://cms.killercontent.net/media/BTWCairns/Auction%20Brochure.pdf
@Niall, many thanks. There is a 20-lot auction at Merlins starting in a few minutes. The catalogue is here
http://www.merlinproperty.ie/
Carol Tallon from Buyers Broker Limited will be tweeting results from the auction floor. It’s a little old-fashioned with AMVs rather than the Allsop Space and Osborne King maximum reserve system. And I don’t believe there will be live results or video-casting.
Follow Carol on Twitter here
https://twitter.com/#!/buyersbrokerltd
@ NWL just five properties sold, one withdrawal and fifteen unsold per Ms Tallon. Not a great result!
@Niall, blogpost now online, it’s twice as good as their last auction in November 2011 when two out of 10 properties sold! Allsop Space it ain’t!