Belfast Telegraph

Friday 19 December 2014

Investors in Klondyke hoping to strike it rich

Farmers are putting down roots in the city - having acquired three properties worth nearly £20m in Belfast in the last six months.

The latest deal was the purchase of the landmark Klondyke Building on the city's Ormeau Road, which was bought for £11.7m.

Constructed in 1891, the refurbished building has been let to the Department of Finance and Personnel on a 15-year lease and is the new headquarters for the Environment & Heritage Service.

The property was bought by Irish off-farm investment specialist Farrelly and Mitchell on behalf of Elm Private 111, which comprises of a number of investors, primarily Irish farmers.

Ulster property consultancy Osborne King acted on behalf of Republic-based Farrelly and Mitchell, which previously snapped up an office development at Adelaide Street in the city centre for £4.6m and offices at the junction of Oxford Street and Ann Street for £3.1m.

Mark Dolan, senior property consultant (acquisition) with Farrelly and Mitchell, said the company's strategic aim is to invest around £50m in the Northern Ireland property market by the middle of next year.

Mark Carron of Osborne King said: "In recent years we've experienced an increasing amount of interest from Republic of Ireland investors.

" After years of limited movement, we believe Belfast is experiencing a significant period of office rental growth. In fact we predict rents will break through the £15 sqft barrier by early 2008, which still represents great value for investors compared with other cities in the UK or Dublin."

Farrelly and Mitchell has acquired a number of properties throughout Germany valued in excess of €60m on behalf of private and corporate clients.

It also manages a major development and property portfolio in north Florida in the US valued at over €150m.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More