Rotary Club of Belfast

Current Property Market Update

PaulHenryAndGavinClarke

Speakers Gavin Clarke and Paul Henry, Osborne King, gave a fascinating insight into the current property market covering loan sales, retail, offices, investment and housing and the impact of the recent financial crisis.

They highlighted that currently banks are following NAMA by restructuring and divesting their loans to US Funds. This is resulting in a large weight of money coming into Ireland and NI which is not necessarily to Nl's benefit depending on how the Funds act.

OKSpeakersHowever they pointed out that the Retail Sector is showing early signs of positivity with the high street regenerating rather than new stores opening as in pre-2013. Too many shopping centres and class 1 retail park s pose a problem as are the high rental values (assessed in 2001 which would now be different). In many cases upper floors of premises are changing use to alleviate costs as rates for vacant property are penal. They also noted that at the moment consumer spending remains strong primarily due to the large public sector.

The shortage in grade A office space was also stressed with only 40,000 sq ft. currently available with the likelihood that rentals will increase from the current £15 per sq ft. However there is little demand for industrial space and vacant lots abound. Rentals are constant at £2-4 per sq ft.

They reported an increase in housing sales in the last 6 months and expected an increase in the rental market. They were hopeful of investment in the sector from private equity and funds though were unsure of what the US Funds would do with their assets.

Join Us

Membership of the Club is an incredibly rewarding and enjoyable experience and we are actively looking for new people to invite to join and breathe new vibrancy and ideas into the Club and take Rotary into its second century in Belfast.

If you think Rotary may be for you, or for further information, please contact us.

Getting involved with Rotary could be the most important thing you ever do.

Contact the Club

If you would like to contact the Club,

please click here to use our Contact Form