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The Gallery, Dublin Rd


darkmarket
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Far too many for the market to bear at that rate.

That'll be an auction of flats to be sold off below cost price after the developers go bust in a year or so.

Don't you just love capitalism?

I hope they all get built because at the very least it should help ensure that the rent that I pay on my own one bed city center apartment doesn't go up.

It will be interesting to see how they sell, one of the blocks are exclusively one beds and studio's, I'm wondering how many owner occupiers are willing to spend any decent money on a one bed/studio - my guess would be all the blocks that have been constructed recently and are being constructed are being aimed at investors.

Edited by JoeDavola
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I hope they all get built because at the very least it should help ensure that the rent that I pay on my own one bed city center apartment doesn't go up.

It will be interesting to see how they sell, one of the blocks are exclusively one beds and studio's, I'm wondering how many owner occupiers are willing to spend any decent money on a one bed/studio - my guess would be all the blocks that have been constructed recently and are being constructed are being aimed at investors.

Investors are definitely the target market.

Some of these developments have been in the pipeline for years.

The Montgomery Street development was lunched 5 years ago a 80k a pop and failed miserably (Looks like Fraser pumped a fair bit into the PR and marketing). Markets move but I don't see this one attracting much local interest.

There seems to be a finance boom in Belfast around student studios and hotels.

http://www.simonbrien.com/images/uploads/properties/ECS/633/doc/633_1.pdf

http://www.propertynews.com/blog/industry-news/tiny-belfast-pod-apartments-aimed-at-first-time-buyers/

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Investors are definitely the target market.

Some of these developments have been in the pipeline for years.

The Montgomery Street development was lunched 5 years ago a 80k a pop and failed miserably (Looks like Fraser pumped a fair bit into the PR and marketing). Markets move but I don't see this one attracting much local interest.

There seems to be a finance boom in Belfast around student studios and hotels.

http://www.simonbrien.com/images/uploads/properties/ECS/633/doc/633_1.pdf

http://www.propertynews.com/blog/industry-news/tiny-belfast-pod-apartments-aimed-at-first-time-buyers/

Ah yeah I think I remember seeing that back when it was first announced. Will be interesting to see what they're looking for a studio now...

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Actually it looks like there'll be 4 major new blocks cropping up in the city centre:

http://alanfraser.com/index.php/global/view-belfast/the-matic

http://alanfraser.com/index.php/global/view-belfast/m-rise

http://alanfraser.com/index.php/global/view-belfast/v-rise

http://alanfraser.com/index.php/global/view-belfast/s-rise

....when you add the little block on the Dublin Road; be interesting to know how many extra apartments in total we'll have in the city center in a couple of years time.

Is the same Fraser as..?

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  • 4 weeks later...

Anyone else noticed that the Dublin Road seems to have more antisocial behavior than before during the day?

People wandering about late afternoon/early evening blocked out of their minds. The other day at about 5pm there was a bunch of alcoholic type folk who could barely walk screaming at each other and then 30 mins later I was walking back down the dublin road and one of them was passed out slumped on the street just outside tesco (right opposite The Gallery).

Then the other day a mate of mine who lives in one of the nicer block of flats off the Dublin Road was returning home at 4 in the afternoon and found two blokes lying unconscious at the front door of his building. At 4 in the fecking afternoon.

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Anyone else noticed that the Dublin Road seems to have more antisocial behavior than before during the day?

People wandering about late afternoon/early evening blocked out of their minds. The other day at about 5pm there was a bunch of alcoholic type folk who could barely walk screaming at each other and then 30 mins later I was walking back down the dublin road and one of them was passed out slumped on the street just outside tesco (right opposite The Gallery).

Then the other day a mate of mine who lives in one of the nicer block of flats off the Dublin Road was returning home at 4 in the afternoon and found two blokes lying unconscious at the front door of his building. At 4 in the fecking afternoon.

Could be a: there's a social housing block above tesco and b: there's an off licence in tesco.

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Could be a: there's a social housing block above tesco and b: there's an off licence in tesco.

And there's a housing estate behind the Movie House/Tesco.

Will have to check out The Gallery on my way home today; hadn't noticed much activity lately but I'm guessing they must be ploughing ahead.

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  • 3 weeks later...

Reserved figure stuck at 33 for a long time now.

It was 30 in the first week of April, rose to 33 shortly after in one go (suggesting more speculation) and since then, nothing.

The listings were updated from a single development advertisement to individual ads per studio, but without any positive impact on sales.

A one-bedroom at no.56 reached sale agreed at £185k. Since then, no.57 has been updated to an asking price of £132.5k. But still no reservation.

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Reserved figure stuck at 33 for a long time now.

It was 30 in the first week of April, rose to 33 shortly after in one go (suggesting more speculation) and since then, nothing.

The listings were updated from a single development advertisement to individual ads per studio, but without any positive impact on sales.

A one-bedroom at no.56 reached sale agreed at £185k. Since then, no.57 has been updated to an asking price of £132.5k. But still no reservation.

Someone bought a one bedroom flat in The Gallery for £185K??

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I'm not gonna say they're lying, but that's so ridiculous I have difficulty believing it.

According to the advert, the block is "located at the midpoint of the Belfast art scene" - what art scene would that be?

I passed the block on the way to work this morning and they were just starting to put the windows in; so things seem to be progressing anyway.

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I see it's actually a 2 bed.

Is that from the brochure? All I can see is that it's described twice as a 1-bed:

Property Type: Apartment Price: Price £185,000Convert to EUR Bedrooms: 1 Comprises BEDROOM (1): One-bedroom apartments feature An opaque glazed backdrop to the bedspace will provide natural light through the adjoining living space. BATHROOM: The bathroom is fully tiled with a wall hung WC, wash hand basin and choice of a walk-in shower or shower over bath. A vanity top under a large mirror completes the bathroom package.

Not very important in any case. I see the developer is in NYC trying to drum up business. Due diligence...

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Is that from the brochure? All I can see is that it's described twice as a 1-bed:

Property Type: Apartment Price: Price £185,000Convert to EUR Bedrooms: 1

Comprises BEDROOM (1): One-bedroom apartments feature An opaque glazed backdrop to the bedspace will provide natural light through the adjoining living space. BATHROOM: The bathroom is fully tiled with a wall hung WC, wash hand basin and choice of a walk-in shower or shower over bath. A vanity top under a large mirror completes the bathroom package.

Not very important in any case. I see the developer is in NYC trying to drum up business. Due diligence...

Looking at the floor plan number 56 is a 2 bed.

Jesus NYC. Have to travel far to find the greater fool these days.

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  • 2 weeks later...
  • 2 months later...

Still showing 33 reservations on the Gallery, indicating stagnation for several months now.

There doesn't seem to be much shifting at all, and I honestly can't see who's going to want to buy anything in the Gallery.

You'll maybe be able to convince the occasional BTL-er, but since there's no expectation for prices to shoot up, the whole BTL thing doesn't look as attractive as it once did as an 'investment'.

And in terms of cheap accommodation, there's a 9 story block of student rooms being built a few doors down from the Gallery, so that's one demographic you won't be able to rent it to.

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I presumed the target demographics were parents of students and BTL as you mention.

The change in circumstances for both since the project was launched is significant, given the decline in BTL upside, announcements of new student accommodation and general economic pessimism.

Unfortunately or not it makes this development less representative of the city as a whole, though I do think a generally rising tide would carry something like this with it and that doesn't seem to be happening.

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I presumed the target demographics were parents of students and BTL as you mention.

The change in circumstances for both since the project was launched is significant, given the decline in BTL upside, announcements of new student accommodation and general economic pessimism.

Unfortunately or not it makes this development less representative of the city as a whole, though I do think a generally rising tide would carry something like this with it and that doesn't seem to be happening.

I wonder is there a possibility of redesigning to suit a different market. Clearly aimed at the student (parent market) just got there a little late.

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I wouldn't rule out the possibility that it continues to be owned by the builders and they just rent out the flats, as we've seen with other developments in the past.

Happened with Obel, and I understand some of the Arc apartments are still owned by the builders and rented out, but don't quote me on that!

Edited by JoeDavola
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I wouldn't rule out the possibility that it continues to be owned by the builders and they just rent out the flats, as we've seen with other developments in the past.

Happened with Obel, and I understand some of the Arc apartments are still owned by the builders and rented out, but don't quote me on that!

True they do rent out a fair few, but the Obel was repossessed and Harcourt is in NAMA. I would expect the gallery to be under pressure to sell. The business plan most certainly relies on it. Theses developments weren't supposed to be build to rent.

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