Etap Hotel In Belfast Sold To UK Fund
Hotel bought by CBRE Global Investors for £6.6 million
Belfast, 21st January 2015 – A building situated on Belfast’s Dublin Road, which is home to the budget hotel brand, Etap, a low-cost hotel has just been sold; according to commercial property firm CBRE.
Bought by CBRE Global Investors for £6.6 million, the building is located in a prime investment area of the city, with a host of amenities locally. Once known as the “The Golden Mile” the Dublin Road has become increasingly popular due to the establishment of various fast-food restaurants, bars, nightclubs and cinema.
The building is currently occupied by the Etap Hotel, which will remain the key occupant let on a seventeen-year lease. There is also a ground floor retail unit that is occupied by Bachus Inns.
Gavin Elliott, Director, Capital Markets, CBRE Northern Ireland commented:
“this building is in a popular leisure area and is within close proximity to Belfast’s central business district. The investment offers a low-risk return due to the quality of the tenants, length of lease and RPI linked rental uplifts every year.”
“there is increasing demand for budget accommodation in major cities as people look for value and choice when requiring overnight hotel space. Belfast needs to be able to offer choice and supply at every price point given the surge in tourism and business travelers to the City.”
The site itself benefits from excellent road frontage to Dublin Road as well as good servicing via Harmony Street.
Mr. Elliott continued:
“while Great Victoria Street has seen a decline in recent years, the Dublin Road is flourishing and has become a popular location for both nightlife and cinema-goers alike.”
“we are delighted to see a significant increase in investment in Belfast City Centre properties; with the improvement of the economy and the recovery of the commercial property market, I would expect to see pricing for investments let on long leases to strong covenants continuing to strengthen during 2015.”
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni
More information from:
Gavin Elliot,Director,Capital Markets
CBRE Northern Irelnad
+44 (0)48 9043 8555
email@example.com / @CBRE_Ireland
Katie Doran, Lanyon Communications
T: 028 9018 3242
M: 07866 616 720
Rory McCurry, Lanyon Communications
T: 028 9018 3243
M: 07872 539 465