After checking further into it the noise can be made to be contiuous if I let the car idle long enough. It does sound like belt noise and after checking my records, the belts are a few years old.

Picked up some new belts and during the replacement process I noticed that, with both belts off, when I rotate the front wheel (jacked up one corner and put it into 5th gear) to turn the crank shaft, I can hear a squeaking noise coming from somewhere behind the crank pulleys and maybe higher up towards the cam shafts.

Could the timing belt be squeaking? Anyone come across a squeaky timing belt before?

I replaced the belts but was not expecting much at this point. Sure enough, after a test drive, the squeak at engine shut off is still there.