Lambert Smith Hampton achieved an 84% success rate in its first Belfast auction of 2015.
Of the 49 lots offered, 41 sold, including five prior, raising a total of £3.3m.
The trophy lot of the day was Europa business park (pictured) on Springbank industrial estate, Belfast, which sold for more than £100,000 above its initial reserve.
The 30,999 sq ft industrial complex comprises 11 sheds and has scope for the development of as many as eight offices.
The dual investment and development opportunity was offered on behalf of a
financial institution and was bought by a private investor
for £475,000 – a 7.5% yield.
LSH associate director and auctioneer Martin Mallon said: “There was a high level of interest in this lot prior to auction, and it ended up selling for more than 40% over its reserve, based on its current rental income and scope for development.”
Other lots that fuelled similar competitive bidding included a 6,014 sq ft freehold four-storey office in Craigavon, County Armagh. It was sold by a private investor to a private local buyer for £205,000 – a 7.5% yield.
Residential lots also attracted strong interest, with a three-bedroom terraced house with scope for development on Wellesley Avenue, Belfast, selling for £109,000 – more than double its £50,000 reserve.
Mallon added: “The interest received prior to the auction was encouraging for the market, not just for Northern Ireland but for the UK as a whole. It was a very good turn-out for the day and a positive result.”
The sale was held at the Europa hotel on 19 March. The next auction is on 26 June.
