Jump to content
House Price Crash Forum
Sign in to follow this  
2buyornot2buy

Am I Missing Something?

Recommended Posts

I was walking around the Lisburn Road area today and noticed this new development

http://www.propertynews.com/developmentBrochure.php?p=1755

Now I may be missing something and haven't really been about this area of Belfast since my university days but is there really a market in this part of Belfast for 38 one beds? I'm interested in your thoughts.

Share this post


Link to post
Share on other sites

At that end of the road it's possible, if the price is right. Parents of students looking for an investment and middle class divorcees are your market.

I'm just glad something is going up on this appalling eyesore of a site. The site was owned by Largie, the development arm of Polly Brothers, a Downpatrick building firm which went bust in November last year. Ulster Bank is the secured creditor and PwC are the admin.

Share this post


Link to post
Share on other sites

So is the bank building out the site?

Correct.

Just had a look at the latest admin report on Polly/ Largie.

In addition to building and marketing the Lisburn Road site admin still dealing with:

Meadows, Downpatrick and Inishmore, Killyleagh which are both part built out and have some planning and road issues to be sorted.

A site at Ballyalton in Downpatrick with no pp - "a medium to long term realisation strategy" ie. it's miles underwater with no prospect of extracting any value for years, if ever.

A social development of 46 apts at North Howard St which they were building under contract to Helm. No value to the creditors in finishing this job, so its reverting back to Helm. Another social development in Clonard has been completed, just waiting full payment.

A "heavy dispute" around directors balances. Lawyers being summoned.

Share this post


Link to post
Share on other sites

So is the bank building out the site? I was thinking students but would have thought with the fee increase this wouldn't look too attractive.

they'll end up all dole apartments. i know a guy that built a load of one bed apts, he says he never has void peiods in them and usually has a waiting list. because the dole will pay for the one bed apts so he is happy enough!

Share this post


Link to post
Share on other sites

they'll end up all dole apartments. i know a guy that built a load of one bed apts, he says he never has void peiods in them and usually has a waiting list. because the dole will pay for the one bed apts so he is happy enough!

maybe in some locations but I think with the price of these you will constantly be chasing the yield.

Edited by 2buyornot2buy

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.