Belfast Telegraph

Belfast's Titanic Quarter office building on market for £29m

By Margaret Canning

Strong bidding is expected on a landmark office building in Belfast's Titanic Quarter, which has gone on sale with a guide price of £29m.

Titanic Quarter's decision to put its Gateway building on the market makes it the biggest office asset to come on the market in a decade. The Grade A office is home to a service centre for Citibank employing nearly 2,000 people.

CBRE managing director Brian Lavery said: "The Gateway Offices is the largest office investment offered to the market in the last decade. It is one of the most prominent office buildings in Belfast and with prime rents expected to increase from £16 per sq ft to £18 per sq ft in 2016, it presents a great investment and asset management opportunity for investors to capitalise on a buoyant office sector."

He said there was a lack of Grade A office space for potential new employers. "As a consequence, we expect strong bidding for the Gateway Office investment and anticipate it to be the first major sale of 2016."

Titanic Quarter commercial director James Eyre described the Gateway offices as "an excellent investment opportunity".

Loans held by Titanic Quarter in Ulster Bank were last year sold to the US fund Davidson Kempner, which is likely to be looking to extract value from its acquisition.

Last year, Invest NI announced plans to provide mezzanine financing to property developers building Grade A offices.

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