Belfast Telegraph

Obel tower development sold

Ireland's tallest building has been sold.

The Obel development on Belfast's Donegall Quay includes a 280ft tower and surrounding buildings with more than 50,000sq ft of offices and 282 apartments.

The property was launched on the sales market at the beginning of March and, according to property consultants Savills, could produce a gross rental income of over £2.2 million a year.

Ben Turtle, director of investments at Savills Northern Ireland, said: "We expected the Obel to generate significant interest when we brought it to the market and that is exactly what transpired.

"It has taken just over a month for the sale to complete, which highlights the growing popularity of Belfast and Northern Ireland as a location for property investment."

He said investment property transactions in Northern Ireland reached £175 million last year - more than the combined total value of deals since the start of the downturn.

"However, with economic conditions improving, and investor confidence in Northern Ireland rising, we expect the figure to be much higher this year."

The Obel comprises three separate blocks: Obel 62 is a 28-storey residential tower comprising 233 apartments; Obel 64 is an eight-storey residential block comprising 49 apartments; and Obel 68 is a seven-storey commercial block comprising 52,462sq ft primarily of grade A office accommodation.

The development was launched on to the market in 2005 and dozens of apartments were sold off plan, mainly to buy-to-let investors.

However as the property market crashed sales slowed and many of the apartments are still empty.

Most of the office block is let to the international law firm Allen & Overy.

No details were given about the sale price.

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