Apartments under the hammer at sixth of original worth

Laganville Court in Warren Gardens comprises eight apartments, four of which are close to completion.

The two apartment buildings each contain two ground floor apartments and two duplex apartments, with the front building close to completion, whilst the second is in a shell condition and still requires work.

The lot brochure shows that there is one one bedroom apartment, four two bedroom apartments and three three bedroom apartments. External finishes include oak pre-glazed windows and doors with gas heating. Parking and communal areas are provided on site.

Mark Carron, head of Osborne King’s auction team said the complex would be perfect for an investor with an estimated £50,000 per annum gross rental income.

At the height of the property boom, Laganville Court would have sold for somewhere in excess of £1.5 million.

Mark Carron stated: “The apartments are not complete, but the front section is nearing completion, they still need floors and boilers, whilst the back half needs some work.

“We have put a maximum reserve price of £250,000, so as long as the auction reaches £250,000 they will be sold. So far there has been a fair bit of interest, the property represents good value in the market; Thursday will tell the tale.”

Mr Carron added; “This lot is probably geared toward an investor as there is some work to complete. This is a nice, modern development, close to the city centre, so there should be a good rental market. We have estimated a £50,000 per annum gross rental income, at that sort of rental value they present an investor with quite an attractive development.”

The auction, Osborne King’s second of the year, was to take place at the Holiday Inn, Ormeau Avenue, Belfast. The auction list featured 17 lots representing a broad mix of commercial and residential property across Northern Ireland with maximum reserve prices starting at £8,000 and rising to £250,000, with the Lisburn complex the most expensive lot on offer.

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