The team behind one of the first apartment blocks to be built in Belfast in a decade, say demand is high with in excess of a third of units sold off plan already, months ahead of the project’s completion.
Of the 58 apartments in The Gallery, on Belfast’s iconic Dublin Road, 20 have already been snapped up with strong interest reported in the rest of the development, which is scheduled for completion this Autumn.
Gary McCausland from the Richland Group, says there’s a real buzz about the development, which is being sold off plan at last year’s prices, despite new figures from the Ulster University showing Northern Ireland properties have increased in value by nine percent over the past year.
“The interest so far has been from a broad spectrum of purchasers including young professionals, students and investors attracted by the affordable £115,000 price tag which can yield a rental return of up to 8%,” said Gary.
“The Gallery is about so much more than living space, however, and we’re embracing the ethos of city living. We want to make sure that it’s quality, and that people who buy here will invest further with us allowing us in turn to invest even more in Belfast. This is a central site, halfway between the University and the City centre, and we are producing a world class building”.
The 4,000 sq ft ground floor space will be home to a café and bar while communal areas in the building will transformed into a gallery for unique artwork designed by students at the Ulster University, while all new apartments coming with a voucher for a bicycle from leading cycling retailer Chain Reaction, and dedicated cycle storage in the building.
Templeton Robinson are selling the bespoke apartments, and Managing Partner Keith Mitchell says the level of demand created by the Gallery are a welcome indicator of renewed confidence in the market. “This building isn’t due for another six months, but already we have strong interest which reflects the quality, design and location of this new building.
“Botanic is right on your doorstep, City Hall just round the corner, there are lots of amazing restaurants in the vicinity and a Dublin Road location – somewhere we see as very much up and coming over the next few years,” added Keith.
“Credit to the Richland Group and Gary McCausland in particular for the vision to bring a global concept of living to the city centre of Belfast.”