£77,000 homes in prime location

Apartments in a new development in a prime Belfast location go on sale this weekend with prices starting at £77,000 sterling. The scheme, which will have 60 one-bedroom and two-bedroom apartments, is 100 yards from the City Hall. City Gate, on Sussex Place, adjoining Alfred Street, is designed as two redbrick blocks connected by a landscaped courtyard.

Up to 25 apartments are being released in this initial phase, according to agents Hooke & MacDonald. One-bedroom units of 570 sq ft will cost from £77,000 to £85,000 and two-bedroom apartments from 750 sq ft to 800 sq ft are priced from £105,000 up to £125,000. A small number of two-bedroom penthouses will be available in one of the blocks.

Included in the price of each apartment is a car-parking space. City Gate is part of the Linen Hall conservation area, and the scheme is being built of traditional brick. The surrounding areas are experiencing a major revival. One second-hand two-bedroom apartment at nearby Clarendon Dock is currently on the market with a price guide of £120,000.

The apartments are close to both the Europa Hotel and Laganside, where the Hilton Hotel and Waterfront Hall are now familiar landmarks. The central railway station is a short walk away.

There will be 45 two-bedroom and 15 one-bedroom units in the new scheme, with the first phase ready for occupation by next June. The two blocks are six storeys over a ground floor car-park on Alfred Street and five storeys over parking on Joy Street.

Developer Alfred Construction and Studio Architects have planned a stylish and high quality specification for City Gate, with maple Shakerstyle kitchens and well-finished communal areas. Ceramic tiling and terrazzo floors will create a luxurious feel throughout the building.

The apartments are all fitted with an intercom system linked to electronically controlled security gates at the entrance to the development. Penthouse apartments are heavily glazed and will have spectacular views towards the City Hall and the River Lagan.

One-bedroom units have a combined sitting-room and kitchen/dining-room, double bedroom and bathroom. The larger apartments have two double bedrooms, one of these en suite, a guest bathroom and a separate living-room and kitchen with a dining area. Two high speed lifts will provide access to the apartments.

Some of the fifth and sixth floor penthouses have French doors and corner apartments have small balconies.

For investors, the rental potential is strong. According to Hooke & MacDonald's Belfast representative, Thomas O'Doherty, around £450 to £500 per month is the current average for two-bedroom accommodation in the city area. Stamp duty in the North is levied at one per cent for property costing from £60,000 up to £250,000.