Belfast commercial property to be auctioned

An auction of distressed commercial property in Belfast is being planned for September, in a bid to replicate the multi-million euro success of a similar sale held in Dublin earlier this year.

The auction is being organised by commercial property agent Osborne King, who said that is was going to be a 'bold' move, but they said that "the time is right".

The company's managing director, Martin McDowell, said, "Osborne King's auction team is confident that this forthcoming auction will prove to be an excellent opportunity for investors, owner-occupiers and developers to acquire product at realistic and affordable prices."

He estimated that there would be between 25 and 50 lots in the sale, ranging in value between £50,000 and £500,000. Me McDowell said that he was anticipating interest in the lots from banks, receivers and administrators, as well as from private individuals.

Osborne King holds a range of high-profile properties on its books, including Ballycastle's Marine Hotel and the CDC Leisure chain of pubs in Belfast city centre.

Mr McDowell added, "It may seem a bold move on our part to be re-engaging with the auction process - however, we have been monitoring the market closely over the past three years and are now convinced that the time is right and that demand exists for an auction."

The event is to be held on September 29 at a venue to be confirmed.