darkmarket Posted February 5, 2016 Share Posted February 5, 2016 The Gallery, "the first new build apartment block in Belfast City Centre in nearly a decade", priced at "offers over £115k". Building work is at an early stage. It should be a good barometer of where Belfast's at over the next while. 15 of the 58 units are currently reserved, including all 6 of the 2-bedroom units. The rest are all 1-bedroom. From a FTB perspective, the possibility of these being delivered at a market value lower than cost price would lead me to sit back at least for the moment. From a BTL investment perspective, there's too much uncertainty around future BTL regulations and the wider economy, so I would sit back too. Latest reservations are here on the official website. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 5, 2016 Share Posted February 5, 2016 (edited) They are absolutley microscopic - 400 Square Feet. Like living in a caravan. If you move in, don't expect to have any actual possessions, cause you'll have nowhere to put 'em. They are on the noisy Dublin Road, drunk people stumbling past shouting several nights a week, and they are right opposite a massive Helm Housing block. Beggars belief why anyone would buy one. Edited February 5, 2016 by JoeDavola Quote Link to comment Share on other sites More sharing options...
nigooner Posted February 6, 2016 Share Posted February 6, 2016 Had a look at the floor plans on PN for floors 2-6 I think, looks like I could reach out and touch both walls either side of the living room. Also read in the description that; "The one bedroom apartments feature either a double bed with either a built in headboard and lockers or a WALL TO WALL SUPERKING OPTION..." Does this mean the super king bed takes up the whole width of the bedroom?! Quote Link to comment Share on other sites More sharing options...
yadayada Posted February 6, 2016 Share Posted February 6, 2016 Had a look at the floor plans on PN for floors 2-6 I think, looks like I could reach out and touch both walls either side of the living room. Also read in the description that; "The one bedroom apartments feature either a double bed with either a built in headboard and lockers or a WALL TO WALL SUPERKING OPTION..." Does this mean the super king bed takes up the whole width of the bedroom?! Sounds like it. I'm imagining having to climb over my lady to get out of bed. Like living in one of the cabins on the boat to Liverpool. Quote Link to comment Share on other sites More sharing options...
Crash In The Attic Posted February 7, 2016 Share Posted February 7, 2016 Unless I'm mistaken, some of the floor plans for the 1 bed flats show that the bedroom has no windows? Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 7, 2016 Author Share Posted February 7, 2016 'Tokyo design' something I like, sad to see it's become a metaphor for tiny spaces. Agreed with @Crash In The Attic above, either these are studio apartments or there's only a single window in most of them so you'd have to remove any internal walls yourself. 40msq is typical studio size too. A studio on the Dublin Rd at over £115k when the Telegraph is running global recession cover stories seems like a pretty clear-cut mistake to me. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 7, 2016 Share Posted February 7, 2016 (edited) I would love to see more apartments being built in the city centre, have more people living there and cafes ect... as I don't like living in suburbia. However, you have to build flats that people can actually live in comfortably, otherwise it's a waste of space. It's the greed that gets me; building slave boxes that are as small as possible to try and maximize profits. Have they learned nothing from Obel tower? Edited February 7, 2016 by JoeDavola Quote Link to comment Share on other sites More sharing options...
yadayada Posted February 7, 2016 Share Posted February 7, 2016 Have they learned nothing from Obel tower? What's the outlook for that place? A high rise slum? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 7, 2016 Share Posted February 7, 2016 What's the outlook for that place? A high rise slum? Wall mounted electric heaters and insulation so bad that it costs a fortune to heat even a studio flat (a friend of mine lived there for a year) - I think it's built to such a low standard that it wouldn't be good enough for council housing. So it'll be mostly empty, or maybe the council could buy it at a knockdown price and renovate it? Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 11, 2016 Author Share Posted February 11, 2016 The official ad says: "**ALL TWO BEDROOM APARTMENTS NOW RESERVED, ONLY ONE BEDROOM APARTMENTS REMAINING**" Today a 2-bed went on the market. Either a reservation pulled out or someone is trying a risky flip. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 The official ad says: "**ALL TWO BEDROOM APARTMENTS NOW RESERVED, ONLY ONE BEDROOM APARTMENTS REMAINING**" Today a 2-bed went on the market. Either a reservation pulled out or someone is trying a risky flip. Testing the market to see what price point to come in at for the two beds? Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 11, 2016 Share Posted February 11, 2016 The official ad says: "**ALL TWO BEDROOM APARTMENTS NOW RESERVED, ONLY ONE BEDROOM APARTMENTS REMAINING**" Today a 2-bed went on the market. Either a reservation pulled out or someone is trying a risky flip. I love the artsy hipster lifestyle they're trying to sell from the internal shots - and then you step out your front door and your opposite Tesco and Oxfam on the fecking Dublin Road.... Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 I love the artsy hipster lifestyle they're trying to sell from the internal shots - and then you step out your front door and your opposite Tesco and Oxfam on the fecking Dublin Road.... And oaklee where the alcoholics hangout. Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 11, 2016 Share Posted February 11, 2016 And oaklee where the alcoholics hangout. Exactly. I walk down the Dublin Road every day and whilst it's near loads of stuff, you wouldn't wanna live on it. Ironically the Helm housing folk probably get bigger apartments than these shoe boxes they're building. Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 11, 2016 Author Share Posted February 11, 2016 It seems this development has already taken one developer with it: "A site, previously owned by a developer (now insolvent and ceased trading). Now acquired by another developer, it has the following planning permission “Z/2013/1518/F 65-71 Dublin Road Belfast BT2 7HE Erection of 9 storey building comprising ground floor cafe with mezzanine level and apartments above with ancillary space including basement, servicing and lobby areas (Amended description) 20/06/2014”." Source. So this developer may have stepped in at 2013/2014 prices. I'm not bullish on this developer's future I must say. "you step out your front door and your opposite Tesco and Oxfam on the fecking Dublin Road" I guess they didn't even bother with a back door. Quote Link to comment Share on other sites More sharing options...
nigooner Posted February 11, 2016 Share Posted February 11, 2016 It seems this development has already taken one developer with it: "A site, previously owned by a developer (now insolvent and ceased trading). Now acquired by another developer, it has the following planning permission Z/2013/1518/F 65-71 Dublin Road Belfast BT2 7HE Erection of 9 storey building comprising ground floor cafe with mezzanine level and apartments above with ancillary space including basement, servicing and lobby areas (Amended description) 20/06/2014." Source. So this developer may have stepped in at 2013/2014 prices. I'm not bullish on this developer's future I must say. I guess they didn't even bother with a back door. Is this not that northern Irish bloke Gary something that did a few tv shows? I'd say they got the site cheap enough after it was repod Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 (edited) It seems this development has already taken one developer with it: "A site, previously owned by a developer (now insolvent and ceased trading). Now acquired by another developer, it has the following planning permission “Z/2013/1518/F 65-71 Dublin Road Belfast BT2 7HE Erection of 9 storey building comprising ground floor cafe with mezzanine level and apartments above with ancillary space including basement, servicing and lobby areas (Amended description) 20/06/2014”." Source. So this developer may have stepped in at 2013/2014 prices. I'm not bullish on this developer's future I must say. I guess they didn't even bother with a back door. It reminds me of the failed Montgomery street development. http://www.belfasttelegraph.co.uk/news/northern-ireland/tiny-belfast-pod-apartments-aimed-at-firsttime-buyers-28659433.html http://www.bbc.com/news/uk-northern-ireland-18265562 http://www.simonbrien.com/images/uploads/properties/ECS/633/doc/633_1.pdf Edited February 11, 2016 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 11, 2016 Author Share Posted February 11, 2016 Is this not that northern Irish bloke Gary something that did a few tv shows? It should be, this one. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 Is this not that northern Irish bloke Gary something that did a few tv shows? I'd say they got the site cheap enough after it was repod Around 500k http://www.osborneking.com/sitefiles/resources/docs/properties/65-71dublinroadbelfast.pdf Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 11, 2016 Share Posted February 11, 2016 Ah you guys are quite the detectives! I also wouldn't bank on there being businesses willing to move into the ground floor of the block, unless the rent is super cheap. Pizza hut opposite it has laid empty for almost a decade. Burger king too; it was a diner briefly last year but that closed down also. I'm reminded of the Whitehall Square development just down the road that was supposed to have shops on the ground floor that never materialized. Similar thing with the Obel tower. Based on what I've seen regarding the quality (or lack of) of new-builds, I wouldn't trust that the finish was good until I saw the completed building. And even then you probably want to give it 5 or 10 years to see what problems materialize. Basically I don't see any circumstance where it would be wise to buy one of these things. Quote Link to comment Share on other sites More sharing options...
nigooner Posted February 11, 2016 Share Posted February 11, 2016 Paying 18k a unit for a shoe box sized apartment selling st £115k should be profitable for them. Especially when the retail units get let out Quote Link to comment Share on other sites More sharing options...
darkmarket Posted February 11, 2016 Author Share Posted February 11, 2016 "Paying 18k a unit for a shoe box sized apartment selling st £115k should be profitable for them" They've probably signed a lot of contracts already for labour, insurance, legal representation, marketing... They claim one more reservation since the property was listed a week ago, but they claimed the 2-beds were all sold then, and now they're on the market again. So I call BS on their reservation figures. Even if they have 16 x reservation deposit, still a long way from the black. This style of apartment is an answer to a problem Belfast doesn't have. It's a cynical plan that deserves to fail. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 They've probably signed a lot of contracts already for labour, insurance, legal representation, marketing... They claim one more reservation since the property was listed a week ago, but they claimed the 2-beds were all sold then, and now they're on the market again. So I call BS on their reservation figures. Even if they have 16 x reservation deposit, still a long way from the black. This style of apartment is an answer to a problem Belfast doesn't have. It's a cynical plan that deserves to fail. The BTL stamp duty could have a bit of an effect here. Could put some off buying the place for the kids uni. In saying that, I see the studios in the bell building are renting for £120 - 180a week for a studio. 52 week contact for some. NEARLY £800 A MONTH. There must be mugs out there. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 11, 2016 Share Posted February 11, 2016 (edited) Paying 18k a unit for a shoe box sized apartment selling st £115k should be profitable for them. Especially when the retail units get let out Be interesting to know the actual build, marketing and sale costs but yeah they'll turn a good profit. Units could be another thing altogether. I'd expect a pretty soft rent. Edited February 11, 2016 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
getdoon_weebobby Posted February 11, 2016 Share Posted February 11, 2016 seems a real lack of quality houses at the moment in bt4 6 7 9 etc so what do we get 58 x 400 sq ft apartments aye gary mcC , has rory mcirloys old house up for 2.5m Quote Link to comment Share on other sites More sharing options...
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