Belfast Telegraph

Policing Board building in Belfast on sale for £4.5m

By John Mulgrew

The home of the Northern Ireland Policing Board has gone on sale in Belfast for £4.5m.

Waterside Tower and North Tower are based in the Clarendon Road area of Clarendon Dock.

The properties are now being marketed by commercial property firm Osborne King.

The floor space of the building is 42,750 sq ft and its sits directly opposite Belfast Telegraph House, the new home of the Belfast Telegraph.

The property currently produces a gross rental income of £422,000 each year and its main tenant is the Northern Ireland Policing Board.

It's on the market for offers over £4.5m.

Osborne King said it was not able to comment about the details surrounding the sale of the building.

The building is one of several major city centre properties coming onto the market in Belfast.

More than £100m of major investment properties are due to come up for sale in the coming months, according to CBRE.

CBRE boss Brian Lavery added that "despite uncertainty" since the vote to leave the European Union, the commercial property market can expect a "busy selling season".

"Despite the uncertainty that has prevailed since the Brexit referendum, the market looks set for a busy selling season between now and the end of the year," Mr Lavery added.

There was more than 230,000 sq ft of office lettings during 2016, according to the bi-monthly report from CBRE.

Major lettings in Belfast included Tourism NI at Linum Chambers on Bedford Street and 6,000 sq ft to Regus at Arnott House.

And earlier this summer, London company Tullett Prebon announced that it was developing a new technology centre here, creating 300 jobs.

"The latest results from our research are encouraging," MrLavery said.

"Buying activity for the foreseeable future will predominantly emanate from private equity and debt buyers as opposed to institutions who are still considering their appetite for property after Brexit," the managing director of CBRE added.

Belfast Telegraph