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NI commercial property market controlled locally
24/07/2007
Solicitors in Belfast are more likely to see clients who come from Northern Ireland for commercial property transactions, as local people are pushing out foreign investors.
Northern Irish chartered surveyors and commercial property agents, Patterson Miller, said that sales of offices have been boosted recently, where previously the market had been quiet. The firm added that a cut in corporation tax would bolster the commercial market further.
Greg Vaughan, partner at Patterson Miller, said: "Most of the commercial property in Belfast city centre is owned by private individuals. When you say 'private investors', you're looking at someone with a property portfolio of 500 to one billion pounds - they're massive investors. So you find that the prime retail pitches are almost entirely owned by local investors now.
"On two of the most major properties in the city centre, there is foreign investment, but that's not even that new a thing. It's been happening for some time. If anything, what we've found is that the UK investors and the foreign investors have been bought out by local investors."
He added: "The Irish in general, both north and south, have been so active recently in the commercial investment market all over the UK. But the one thing you'll find with your typical Irish investors is they like to buy on their own doorstep; that's their preference. The only reason that they look to buy property in London or Manchester is that they can't get it locally."
Mr Vaughan concluded: "There have been a number of office transactions lately. Over the last ten years we've had an office market that has been in the doldrums. All of a sudden, it's kind of taken a little bit of a leap.
"If corporation tax was to be reduced in line with the south of Ireland, obviously under the new Assembly…this could provide a tax break to get companies to invest in Northern Ireland."
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Northern Irish chartered surveyors and commercial property agents, Patterson Miller, said that sales of offices have been boosted recently, where previously the market had been quiet. The firm added that a cut in corporation tax would bolster the commercial market further.
Greg Vaughan, partner at Patterson Miller, said: "Most of the commercial property in Belfast city centre is owned by private individuals. When you say 'private investors', you're looking at someone with a property portfolio of 500 to one billion pounds - they're massive investors. So you find that the prime retail pitches are almost entirely owned by local investors now.
"On two of the most major properties in the city centre, there is foreign investment, but that's not even that new a thing. It's been happening for some time. If anything, what we've found is that the UK investors and the foreign investors have been bought out by local investors."
He added: "The Irish in general, both north and south, have been so active recently in the commercial investment market all over the UK. But the one thing you'll find with your typical Irish investors is they like to buy on their own doorstep; that's their preference. The only reason that they look to buy property in London or Manchester is that they can't get it locally."
Mr Vaughan concluded: "There have been a number of office transactions lately. Over the last ten years we've had an office market that has been in the doldrums. All of a sudden, it's kind of taken a little bit of a leap.
"If corporation tax was to be reduced in line with the south of Ireland, obviously under the new Assembly…this could provide a tax break to get companies to invest in Northern Ireland."
Contact us for legal advice
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