Prime city centre office on sale for £1.45m
A Belfast office development, which is currently home to a firm of solicitors, has gone on sale for £1.45m. Chancery House has been put on the market today by commercial property agents Lambert Smith Hampton, with full planning permission for the construction of a new building, which could add fresh retail and office accommodation.
It's fully let to MTB Solicitors until April 2020, with an annual rent of £95,000.
The property comprises of a four-storey office building, which was constructed in 1987, and sits beside the courts.
It also has planning permission for the demolition of the existing building and the development of a new property with five full storeys and two 'set back' storeys.
Neil McShane, director of capital markets at Lambert Smith Hampton, said: "This is a fantastic investment opportunity with secure rental income from a sitting tenant.
"However, the property also benefits from planning permission to develop a brand new building, in what is a unique location near to the Royal Courts of Justice and Laganside Courts.
"Subject to securing vacant possession, the successful purchaser can demolish the existing building and develop a new 23,000 sq ft building with retail at ground floor and offices above.
"Alternatively, subject to planning, the property could lend itself to a multitude of other uses. We anticipate strong interest from investors, developers and potential owner-occupiers.
"Following decades of rental stagnancy, the Belfast office market has experienced a significant rejuvenation.
"Through the period of recession, existing grade A space was gradually absorbed, leading to the current chronic shortage.
"This property offers investors a unique opportunity to tap into the demand which exists in Belfast city centre."