Ivy House, 141-143 Donegall Pass & 1 Walnut Street, Belfast, BT7 1DS

Offers Around

£1,635,000

Typical Mortgage

per month

Investment

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Description & Features

Ivy House, constructed in 2016, comprises a modern three storey apartment building with a ground floor office.
Located c. 100 metres from The Gasworks Office Park on Ormeau Road and close to the Linen Quarter & Queen’s University.
Rare opportunity to acquire this fully let investment, with immediate rental income and potential to grow rents.
Nine x 1-bed apartments & commercial office are currently producing a net income of c.£130,180 per annum.
Ivy House will also appeal to investors in the short-term holiday let market, subject to vacant possession and planning.
We are seeking offers in excess of £1,635,000, exclusive of VAT and subject to contract. An acquisition at this level would reflect a net initial yield of 7.50%, after purchaser costs of 6.16%.

Ivy House occupies a prominent corner location fronting onto Donegall Pass and Walnut Street, in South Belfast. Donegall Pass runs from Ormeau Road to Shaftesbury Square, a very popular and desirable business and residential location within short walking distance of the Linen Quarter, Gas Works Office Park and Belfast City Hospital.

Ivy House is a modern three storey apartment building constructed in 2016, comprising of no. 9 x 1-bed apartments and a ground floor office, extending to c. 706 sq ft. There are also two car parking spaces with the office.
The apartments are accessed from Walnut Street via an inviting and well-presented self-contained entrance with the benefit of a door intercom system and keypad access.
Each of the one-bedroom apartments are fully furnished to a very high standard and extend from approximately 376 sq ft - 581 sq ft.

The nine apartments are fully let on annual agreements, with a personal guarantee, producing a total gross income of £123,000 per annum. Each of the apartments are separately metered for gas heating and electricity.

The ground floor office is currently occupied by the Vendor. As a condition of the sale, the Vendor will remain within the ground floor office and sign a 5-year lease, at a rent of £15,000 per annum, plus rates (£3,746.01).

The above provides for a gross income of £138,000 per annum or £11,500 per month.

Location of Ivy House

Belfast is a compact, energetic city surpassing the expectations of a traditional regional capital. It has emerged from a challenging past as one of the best cities to live and work in. It is home to a growing population of students, entrepreneurs, and two leading universities: Queen’s University Belfast and Ulster University. Ivy House is less than a 10-minute walk into Belfast City Centre where there are a plethora of shops, restaurants, bars and coffee shops. Conveniently located nearby is Botanic Train Station (7 min walk), Grand Central Station (15 min walk) and Belfast City Airport (10 min drive).

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