The purchasers were a mixture of investors and owner-occupiers who are expected to take possesion within the next few months. Douglas Wheeler says this proved the strength of the market for this type of office accommodation and planning consent is now being sought for another site in Newforge Lane, which Straben Developments recently purchased from Queen's University. This site is the former veterinary laboratories adjacent to the access to Newforge Lane driving range. Planning applications will be made for 22,000 sq ft offices to replace the current buildings. Jago Bret of letting agents Lambert Smith Hampton reports that its specification and convenience to all facilities are already marking it out as a superb commercial opportunity.
Completion is scheduled for spring next year.
The 53,000 sq ft building will offer office suites on seven floors as well as a basement with parking for 28 cars. Although there has been a greater demand than usual for commercial investments throughout the province during the past 18-24 month period, traditionally residential property is viewed by many as the more attractive proposition. It is generally recognised by first time property investors as being possibly a 'safer' option, explained Frazer Kidd. This is particularly evident in the case of multi-let residential developments. If one apartment becomes vacant the owner still benefits from an income stream from the remaining apartments.