Belfast Telegraph

Tuesday 22 July 2014

Prime city office space is snapped up

The building has 22,000 sq ft of office accommodation

A Seven storey building in Belfast city centre has been let in one of the biggest office deals in recent times.

Osborne King, a commercial property consultant in Belfast, negotiated the deal for 20 Adelaide Street on behalf of their clients Farrelly and Mitchell, a financial services firm in Dublin.

The building has 22,000 sq ft of office accommodation at a headline rent of £10.50 per foot, with four floors of served office accommodation and regular commercial tenants.

Farrelly and Mitchell specialise in acquisitions, mergers, divestitures and alliances in the agribusiness, food, commercial property and business advisory sectors.

The firm manages 20 Adelaide Street on behalf of the private syndicate of individuals who own it.

Mark Carron, a consultant at Osborne King, said: "Given current difficulties within the office sector, we're obviously very pleased to have negotiated a letting on this scale to such an experienced operator within the serviced office market.

"There appears to be a growing demand for this type of office accommodation offering an easy set-up, flexible leasing terms, no service or repair charges to list just a few of its benefits.

"In fact, serviced office space is an extremely attractive option for fledgling companies or companies considering re-locating their businesses without the burden of a major financial commitment initially.

"[Number] 20 Adelaide Street is an excellent location for firms seeking to establish a presence within the heart of the city's premier business and financial district, and will always be a popular choice for companies operating within these sectors."

Neighbouring office occupiers to 20 Adelaide Street include Belfast City Council, Liberty IT and the New York Stock Exchange.

One of 2010's biggest lettings was by the Grafton Employment Group of around one third of the total office space available at The Boat, a 13-storey development on the north bank of the River Lagan.

Grafton will have its international headquarters at The Boat, and was the building's first commercial tenant.

Meanwhile, Osborne King recently negotiated the relocation of clothes retailer High and Mighty from Howard Street to 25-27 Wellington Place.

J D Williams & Co Ltd, which owns High & Mighty, has taken a new 10 year lease on the 2,700 sq ft premises.

High & Mighty will pay the private landlord an annual rent of £68,000 p.a.

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