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Propertynews reveals a couple of interesting disparities in how BTFers might fare at Obel.

Pn has 7-06 and 7-07 (both two beds) listed at £170k each. The companies house document shows those two were contracted at £151k each so even if they come in well under the asking that could be a reasonable bit of business.

Pn also has 17-07 (another 2 bed) listed at £174,950. However it appears it was contracted at £176k, so there must be an optimistic assumption that a bidding war will result in the vendor getting over the asking.

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Adverts now appearing on Gumtree advertising Obel Apts available for rent, such as the one below.....

http://belfast.gumtree.com/belfast/59/61133459.html

However, if I was a neighbouring owner occupier of this one I'd be pretty wary, it is also advertised as available for 'corporate lets' - unfortunatly in practice this can result in stag do's and groups of people over for a nights or few nights partying.. Not particularly nice or good for 'community stability' for neighbours if residents change on very regular basis, plus if you're getting up for work early in morning and 'guests' next door in short-term apt are over for a few days partying...

Short-term let = Professional Ugandan discussions aplenty

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  • 2 weeks later...

As a purchaser in Obel I would like to share information and experiences with other purchasers.

After a very long wait - since Aug 2005 - to be precise and several extensions of time by the developer we have finally been informed that the tower is complete and ready for occupation as of today 30th June 2010.

We finally got to see the 'iconic' 'landmark' building up close and personal on Mon 28th June. It was a bit of an anti climax. The views from the apartment are staggering but the developer cannot claim credit for these. The internal finishes by contrast are very banal and ordinary rather than the 'exacting specification at Obel' which 'celebrates design and style in harmony'. Having purchased off plan back in 2005 we are probably paying one of the lowest purchase prices with apartments having been purchased more recently at almost twice the 2005 price. Anyone paying over the odds is bound to be dissatisfied in the extreme.

There was no communication from the developer leading up to completion. No opportunity to have an input into the finish of individual apartments or upgrade if desired. Instead we have been presented with a fait accompli whereby the developer has saved as much time and money as possible by using a standard finish with laminate kitchens and bathroom fittings which are adequate but hardly luxurious or high specification.

The most worrying costcutting exercise has seen the replacement of phoenix gas central heating with wall mounted electric heaters. Furthermore soundproofing membrane has been laid to all floors like some afterthought. Obviously this is replacing a more expensive alternative that would have been an integral part of the building. Ventilation is also of concern as there is so much glass yet so few and such restricted window opes.

The foyer which was supposed to be interior designed is completely bland and nondescript and could in no way be described as a grand entrance. It consists of a hallway with cream floor tiles and white painted walls. The only relief if you can call it that are the lift doors and two wooden doors one leading to the mailroom and the other the staircase. The lifts themselves are small and claustrophobic.

The approach to the building still resembles a building site with paving ongoing and the carparking is not yet available for use though no explanation for this is forthcoming.

I would be interested to hear the views of others in similar circumstances as we are now expected to complete.

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Couldnt agree more with all the negitive points raised re Obel finished product. I am a very disgruntled purchaser seeking advice as to the possibility that the substandard quality of the finished product being so far removed from the original brochoure description and specification constitutes a case for misdescription.

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Couldnt agree more with all the negitive points raised re Obel finished product. I am a very disgruntled purchaser seeking advice as to the possibility that the substandard quality of the finished product being so far removed from the original brochoure description and specification constitutes a case for misdescription.

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Couldnt agree more with all the negitive points raised re Obel finished product. I am a very disgruntled purchaser seeking advice as to the possibility that the substandard quality of the finished product being so far removed from the original brochoure description and specification constitutes a case for misdescription.

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  • 4 weeks later...

I really feel sorry for the ones who are having to buy crap like this because they stupidly put down a deposit. So many lives ruined for a glorified slave box.

save your sympathy doccy these were built and bought for the purpose of speculation.

I am more convinced than ever that we will see some of these blocks demolished within the next 20 years.

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And remember thats a 1 bed, not even an even smaller studio which the developerwas trying to say was good value at £160k in December '07

This may well have been one of the the original release in 2005, so may have been approx £90k, plus the £20k I think 1 beds had to pay extra for a parking space..

So seller may be trying to flip on for a bit of profit or depending on original purchase price and final price he/she sells at, to get out without making a loss...

The former I think, the list I got from Companies House tells me 7-02 was agreed at £108,500 with the buyer also buying 7-03 for the same price.

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Must be pretty frustrating for some of those who have been contracted in since 2005.... They have watched property prices soar up to 2007, no doubt initially being well pleased to see how during the later Obel release in 2007 that prices were apparently doubled, so would at that stage have potentially a huge 'paper' gain, however have now watched as house prices back down again just as Apts ready for completion, 5 years after release... For those buying to simply flip on, they could have bought elsewhere in 2005, and if timed it correctly sold in 2007 likey having made a killing..

Actually you have a point there. If the apartment had of been completed when they were original told they would they could (perhaps) have sold them on at a higher price. They were not allowed to sell (assign) the contract and therefore had to watch as the market turned with completion coming later than they anticipated.

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I was on a boat trip down the river last night. Took the scenic route around TQ and back up to obel. There was 1 single light on in the Obel building. 1...just 1 light in the entire thing.

TQ looks ok but it's a building site and no amount of motor boats (seen 2 moored up) is making it anything other than a building site.

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I often wonder how it makes financial sense to build these towers. Aside from in central London, where obviously land costs are high, how can they make a profit on this (and similar towers in Liverpool, Manchester, Birmingham etc)

According to wikipedia the cost of construction is £60million/233 apartments gives an average cost of £257k (presumably before social housing costs are added). ie Not much room for profit. Does the government subsidise skyscrapers or something? Surely it would just make more sense to build 233 detached houses somewhere and sell off the site to Tesco?

http://en.wikipedia.org/wiki/Obel_Tower

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  • 2 weeks later...

I was on a boat trip down the river last night. Took the scenic route around TQ and back up to obel. There was 1 single light on in the Obel building. 1...just 1 light in the entire thing.

TQ looks ok but it's a building site and no amount of motor boats (seen 2 moored up) is making it anything other than a building site.

Subby, that was probably the window of my apartment you saw!! Indeed it's correct that the occupancy rate is VERY low at present. But I'm not here to discuss that, I'm here to fight Obel's corner!! As there are absolutely no supporters of this (like it or not) landmark structure. Ok, first thing's first, my perspective is from that of a Tenant's and not a Purchaser's. So I'm unable to get into debate regarding current Market value of said apartments in comparison to purchase prices etc. However, from someone who has lived in this building for just over a month I feel I can add a few valid points to this discussion. There have been a few comments about it being a waste of time having such a high-rise building in Belfast City Centre of all places. Have any of you seen Belfast from such a vantage point??!! I for one have, and I witness it every day and night from the 16th floor. This little city is very impressive indeed. And the oohs and aahs from my many visitors reaffirms this. Admittedly I'm in a corner apartment with dual aspect, so my views will be better than others that are lower down etc. But hey that's part and parcel in apartment blocks. You can't get optimum views from every single angle. There's been comments about the fact that there are so many windows. Eh, why else would someone live in a high-rise building but for the views??!! My living room and bedroom have floor to ceiling windows and I wouldn't have it any other way! Yes, they retain the heat like you wouldn't believe, which as far as I'm concerned is a great nod towards efficiency and hey if it's too warm I erm open a window. Yes the window doesn't extend fully, but I think you would all agree that health and safety is paramount in a building of this nature.

I also noticed remarks regarding the size/design and finish of the apartments was disappointing etc. I am a single woman living and working in the city centre. I don't need nor want a huge living space. For one, I wouldn't want to clean it!! But my living area is approx. 20 ft x 15, yes that includes my kitchen (which my visitors have said has equal storage as their own average 3 bed semi). As far as I'm concerned it's more than adequate. The bathroom is kitted out equally as nice. Actually it's a better layout than the bathroom I had in my previous HOUSE!! The immersion heater is excellent. It comes on automatically for 2 hrs everyday at off peak times and I have NEVER had to boost the supply of hot water EVER!! The water tanks have been insulated very effectively. The secure underground parking is also a major bonus.

My only gripe is the lack of built-in storage and yes the electric heaters would not have been my preference but as far as I'm concerned the apartment as a whole makes up for this.

I viewed a number of apartments within Belfast City Centre before opting for this one. Including those at Custom House. Yes they were slightly bigger but were in need of much TLC from years of letting abuse and quite frankly were not worth the money.

This building whether you appreciate it's architecture or not is more than just a high-rise, it's another symbol of the continuing efforts to develop and regenerate a city that has been sorely lagging behind in comparison to other UK city centres and is in desperate need of it.

I have never lived in an apartment in the city centre before (although I am from Belfast originally) and you know what? I wish I had the opportunity to do it years ago, especially in a landmark building like Obel...

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Subby, that was probably the window of my apartment you saw!! Indeed it's correct that the occupancy rate is VERY low at present. But I'm not here to discuss that, I'm here to fight Obel's corner!! As there are absolutely no supporters of this (like it or not) landmark structure. Ok, first thing's first, my perspective is from that of a Tenant's and not a Purchaser's. So I'm unable to get into debate regarding current Market value of said apartments in comparison to purchase prices etc. However, from someone who has lived in this building for just over a month I feel I can add a few valid points to this discussion. There have been a few comments about it being a waste of time having such a high-rise building in Belfast City Centre of all places. Have any of you seen Belfast from such a vantage point??!! I for one have, and I witness it every day and night from the 16th floor. This little city is very impressive indeed. And the oohs and aahs from my many visitors reaffirms this. Admittedly I'm in a corner apartment with dual aspect, so my views will be better than others that are lower down etc. But hey that's part and parcel in apartment blocks. You can't get optimum views from every single angle. There's been comments about the fact that there are so many windows. Eh, why else would someone live in a high-rise building but for the views??!! My living room and bedroom have floor to ceiling windows and I wouldn't have it any other way! Yes, they retain the heat like you wouldn't believe, which as far as I'm concerned is a great nod towards efficiency and hey if it's too warm I erm open a window. Yes the window doesn't extend fully, but I think you would all agree that health and safety is paramount in a building of this nature.

I also noticed remarks regarding the size/design and finish of the apartments was disappointing etc. I am a single woman living and working in the city centre. I don't need nor want a huge living space. For one, I wouldn't want to clean it!! But my living area is approx. 20 ft x 15, yes that includes my kitchen (which my visitors have said has equal storage as their own average 3 bed semi). As far as I'm concerned it's more than adequate. The bathroom is kitted out equally as nice. Actually it's a better layout than the bathroom I had in my previous HOUSE!! The immersion heater is excellent. It comes on automatically for 2 hrs everyday at off peak times and I have NEVER had to boost the supply of hot water EVER!! The water tanks have been insulated very effectively. The secure underground parking is also a major bonus.

My only gripe is the lack of built-in storage and yes the electric heaters would not have been my preference but as far as I'm concerned the apartment as a whole makes up for this.

I viewed a number of apartments within Belfast City Centre before opting for this one. Including those at Custom House. Yes they were slightly bigger but were in need of much TLC from years of letting abuse and quite frankly were not worth the money.

This building whether you appreciate it's architecture or not is more than just a high-rise, it's another symbol of the continuing efforts to develop and regenerate a city that has been sorely lagging behind in comparison to other UK city centres and is in desperate need of it.

I have never lived in an apartment in the city centre before (although I am from Belfast originally) and you know what? I wish I had the opportunity to do it years ago, especially in a landmark building like Obel...

Might be sensible to remove some details in your post. Like the floor you live on and your relationship status, considering you might be the only one in the building. BOO!

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Subby, that was probably the window of my apartment you saw!! Indeed it's correct that the occupancy rate is VERY low at present. But I'm not here to discuss that, I'm here to fight Obel's corner!! As there are absolutely no supporters of this (like it or not) landmark structure. Ok, first thing's first, my perspective is from that of a Tenant's and not a Purchaser's. So I'm unable to get into debate regarding current Market value of said apartments in comparison to purchase prices etc. However, from someone who has lived in this building for just over a month I feel I can add a few valid points to this discussion. There have been a few comments about it being a waste of time having such a high-rise building in Belfast City Centre of all places. Have any of you seen Belfast from such a vantage point??!! I for one have, and I witness it every day and night from the 16th floor. This little city is very impressive indeed. And the oohs and aahs from my many visitors reaffirms this. Admittedly I'm in a corner apartment with dual aspect, so my views will be better than others that are lower down etc. But hey that's part and parcel in apartment blocks. You can't get optimum views from every single angle. There's been comments about the fact that there are so many windows. Eh, why else would someone live in a high-rise building but for the views??!! My living room and bedroom have floor to ceiling windows and I wouldn't have it any other way! Yes, they retain the heat like you wouldn't believe, which as far as I'm concerned is a great nod towards efficiency and hey if it's too warm I erm open a window. Yes the window doesn't extend fully, but I think you would all agree that health and safety is paramount in a building of this nature.

I also noticed remarks regarding the size/design and finish of the apartments was disappointing etc. I am a single woman living and working in the city centre. I don't need nor want a huge living space. For one, I wouldn't want to clean it!! But my living area is approx. 20 ft x 15, yes that includes my kitchen (which my visitors have said has equal storage as their own average 3 bed semi). As far as I'm concerned it's more than adequate. The bathroom is kitted out equally as nice. Actually it's a better layout than the bathroom I had in my previous HOUSE!! The immersion heater is excellent. It comes on automatically for 2 hrs everyday at off peak times and I have NEVER had to boost the supply of hot water EVER!! The water tanks have been insulated very effectively. The secure underground parking is also a major bonus.

My only gripe is the lack of built-in storage and yes the electric heaters would not have been my preference but as far as I'm concerned the apartment as a whole makes up for this.

I viewed a number of apartments within Belfast City Centre before opting for this one. Including those at Custom House. Yes they were slightly bigger but were in need of much TLC from years of letting abuse and quite frankly were not worth the money.

This building whether you appreciate it's architecture or not is more than just a high-rise, it's another symbol of the continuing efforts to develop and regenerate a city that has been sorely lagging behind in comparison to other UK city centres and is in desperate need of it.

I have never lived in an apartment in the city centre before (although I am from Belfast originally) and you know what? I wish I had the opportunity to do it years ago, especially in a landmark building like Obel...

Thanks for coming on here. Welcome, refreshing outlook (for a change).

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