Major building at heart of Belfast shopping district on sale for £7m
A massive property in Belfast city centre’s retail heart has gone on the market.
Priced at £7m, the listed building has a large amount of ground floor space that spent years as the home of one of the country’s biggest high street names, and just a few months ago an upscale women’s fashion chain moved in.
Agents handling the sale say its upper floors could easily become something new – suggesting a hotel, a hostel, flats or offices as possible alternative uses for the property if retail doesn’t tickle any prospective new owner’s fancy.
Located on William Street South, a stone’s throw from the city’s Victoria Centre, the appearance of Ross’s Court on the market “presents a unique opportunity for investors to acquire a high-profile city centre holding”, say property agents CBRE NI.
The building has long and storied history; originally constructed as six properties in a line, they were were knocked through and remodelled to create a soft drinks factory, and later divided up again to create a shopping mall that was mainly taken up by locally-owned independent stores.
In the last years of the 20th century the building was stripped internally and refurbished to form a single retail unit with a large footprint that housed a substantial branch of Argos, though a few years ago the store moved to a different city centre location.
At the start of the summer, high-end fashion chain Mango opened a branch in the building. The Spanish clothes retailer moved from its old location in the Victoria Centre.
Luxury shoe store Russell & Bromley also occupies one of the units.
Andrew Coggins, senior director at CBRE NI, said that with established tenants in place and “clear redevelopment potential”, Ross’s Court is “well positioned to appeal to investors seeking long-term value in a strengthening city centre market”.
Londonderry-based Martin Property Group acquired the property a few years ago; its investment director, Shaun Collins, now says the firm is “pleased to bring it to the market”.
“This is a unique building with historic character and exceptional potential,” he said. “We anticipate strong interest from local and international investors hoping to capitalise on Belfast’s strong city centre retail environment.”