Belfast Telegraph

UK Website Of The Year

Prime city centre office on sale for £1.45m

By John Mulgrew

Published 18/10/2016

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."

Belfast Telegraph

Your Comments

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?

Read More


From Belfast Telegraph