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Dear Barry
Area Profile: Ormeau Road
10th November 2017
Area Profiles
With a decidedly 'South London' feel these days, the upper half of the Ormeau Road is increasingly the place to be for work, rest and play.
From smart new apartment blocks to achingly hip restaurants, bars and artisanal coffee spots, 'upper' Ormeau's star is on the ascension right now.
It's a classic tale of gentification; sparked by the 'overflow' of renters and the artistic, creative crowd from nearby Stranmillis and the University Quarter, Ormeau's cool, boho reputation and increasingly young, professional, fashionable population makes it attractive to businesses and investors.
It may not yet have the prices to match, but it is certainly going in the same direction as the Lisburn Road, in terms of offering attractive investment opportunities.
Popular with renters and buyers alike, buying on the Upper half of the Ormeau Road is a smart move for both rental yield and for capital appreciation.
In other words, rents will keep going up as the area gets smarter and so will property values. The tenant population is broad; everyone from the single renter looking for a cheap low-maintenance roof over their head, to the arty-yet-upwardly-mobile couple looking for a des res with parking and good transport links, with a decent chai latte available nearby.
The area still shows its working class roots in places, from the Annadale flats and rows of terraces, to the familiar pubs still doing a trade on the main road.
Many properties and watering holes may look the same, but their occupants - and many of their neighbours - are changing.
Beside The Pavilion Bar you'll see a slick new coffee shop and a gleaming block of social housing flats where the Curzon cinema used to be.
The police station still stands, but the 'sold' sign means it probably won't be long until there are residential units being built on this site. The old Ormeau Bakery retains part of its name (The Bakery) but now houses apartments, and the convent at the very top of the road made way for the Bell Towers development.
I think this area is a hidden gem that is about to start booming. These are affordable flats and maisonettes - and remember, many come with river views! While some of the flats are looking a little tired, others are being developed or built from new to a pretty good spec. I think buying here would be a wise investment as this area is only going to improve.
The sun is smiling on the postcodes around Sunnyside Street - think Ava Street and Gardens, Walmer Street. These quiet little streets of terraced houses used to be a little more rough around the edges than they are today. Popular now with young families, professional couples and retirees alike, they enjoy the best of both worlds - a safe, peaceful place to call home near an increasingly desirable and fashionable part of town.
A stone's throw from the famous Pavilion Bar is another little network of streets quietly enjoying a swell of popularity. They don't quite mirror the suburban idyll of the nearby Sunnyside area, but this is still a pleasant, popular, up-and-coming area with affordable properties and most likely a decent crop of tenants to choose from.
This 2- bed apartment on for £164,950 is a great example of the demand for quality apartment living in this area.
A refit could add some value to this £135,000 apartment and it really can't be beaten location-wise.
On the market for £99,950, this 2-bed terrace probably represents the starting price for property purchases of this type in the area. Plenty of room to add value and will be popular with tenants.
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