The George Best Hotel in Belfast, Northern Ireland
Historical Building to Become Condo Hotel, Units from $103,000
June 22, 2017
Paddy and Seamus were working in the Belfast public works department. One would dig a hole and the other would follow behind him and fill it in.
After a while, one amazed onlooker said: “Why do you dig a hole, only to have your partner follow behind and fill it up again?”
Paddy wiped his brow and sighed, “Well, I suppose it probably looks odd because we’re normally a three-person team. But today the lad who plants the trees called in sick.” 🙂
If you appreciate Irish humor, then you might want to consider my featured property today, which is located in Ireland. Read on for details.
Redevelopment Project – The George Best Hotel
Originally built as an office building for an insurance company in 1904, the six-story Scottish Temperance Building in Belfast, Ireland will soon be restored and renamed The
George Best Hotel paying tribute to one of the greatest footballers (soccer players) of our time.
Signature Living Group, experts in restoring historical buildings, is investing £5.5 million, or approximately $7 million, to redevelop the property as a luxury hotel with premium amenities, while preserving much of the building’s original style and details.
According to the owner of Signature Living Group, Lawrence Kenwright, “The building is currently in a state of disrepair and we will be focusing on sympathetically restoring this stunning, Scottish baronial-style landmark building back to its former glory and architectural beauty.”
Upon completion, the property should be a four-star quality boutique hotel with the following amenities and services:
- Coffee shop
- Retail units
- Conference room
- Wedding and event space
- 24-hour security
- 24-hour room service
- Concierge, valet and doorman
In addition, a museum dedicated to the legacy of George Best will exhibit never-seen-before memorabilia, souvenirs and personal mementos that will allow soccer fans to explore the world of George Best.
Best, a winger for Manchester United and the Northern Ireland national team has been described as “the greatest player to ever put on the green shirt of Northern Ireland.”
Leaseback Program & Exit Strategy
The George Best Hotel is being developed as a condo hotel with 83 fully furnished rooms. Each room will be sold to an individual investor who will be entered into a leaseback program offering a guaranteed rental return of:
- 7% NET per annum in years 1-3
- 8% NET in year 4
- 9% NET per annum in years 5-10
The only expense for buyers beyond the cost of their unit will be their legal fees. After that, they won’t have any ongoing costs. All expenses will become the developer’s responsibility along with the buyers’ returns, which will be paid quarterly.
Additionally, the developer is offering an exit strategy for owners. After year 3, the developer will buy back the unit at 106% of the purchase price, plus an additional increase of 2% per year thereafter. In year 10, owners must sell their unit back to the developer if they haven’t already done so.
A Prime Location
The George Best Hotel is in a city center location overlooking Belfast City Hall and accompanying gardens.
Belfast has undergone a resurgence in tourism over the past decade, and last year the city was crowned “Best UK City.” With 1.4 million visitors, who contribute over £278 million to the economy and support 17,000 jobs, Belfast’s growth is only just beginning. Belfast is the driving force behind Northern Ireland’s economy and is a hub for international visitors as well as domestic.
The city has an eclectic vibe, with a plethora of restaurants, bars, attractions and landmarks to explore. The local council has outlined plans to increase the city’s growth 100% by 2021, which will be achieved by improving transportation links, more events and refinement of the visitor experience.
Prices Start at $103,000
Prices for a single condo hotel room at The George Best Hotel range from $103,000 to $193,000. They will be delivered fully furnished and will be rented and maintained by the developer’s hotel management group.
Construction on the renovation is expected to begin July 2017 and to be completed by September 2018.
Want to know more about this unique property? I have plenty of additional details in my data sheet, yours for the asking.
My Latest Real Estate Investment
Thank you for your interest in The George Best Hotel, which presents a unique ownership opportunity. If a hotel in Ireland isn’t your cup of tea, I’m happy to offer you properties in other locations including South Florida, where I have the most inventory.
As for my own latest investment in real estate, it wasn’t of the kind I typically sell. My wife and I recently purchased burial plots. Fortunately, we’re both healthy but we wanted to do the responsible thing for our children.
After meeting with the cemetery folks and concluding the purchase, Jackie and I went out to lunch at a nearby Chinese restaurant. We were feeling pretty good about having crossed an uncomfortable task off our list. That is, until we finished eating and I opened my fortune cookie. Here’s what it said, (see below).
I sure hope the Chinese fortune teller doesn’t know something I don’t!
As always, thank you for your interest in the properties we feature. And if you’re interested in The George Best Hotel, or any other property you find on our website, www.CondoHotelCenter.com, I hope you’ll give me a call.
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