M7 about to put its first Northern Ireland property on market
European estate agency M7 is undertaking a major refurbishment of the Belfast city centre building it bought just over three months ago.
Its purchase of 20 Adelaide Street in July for £2.4m was the pan-European estate agents' first project in Northern Ireland. The building, which was sold before the property crash in 2007 for £4.4m, was placed on the market this year on behalf of its receivers, with an asking price of £2.25m.
The new-look grade A office building will include a glazed entrance lobby with feature wall, open plan office floors, an external terrace to the sixth floor and enclosed, secure bicycle parking.
M7's head of UK real estate, John Murnaghan, said the firm has been tracking the Belfast office market for some time.
"We see the areas of value both because of the supply and demand imbalance, but also the macro-economic conditions.
"This is a very exciting project in new territory for us, and we look forward to launching the refurbished property to the market at the end of the year."
Commercial property agency CBRE has been appointed as the scheme's sole letting agent.
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The development comprises approximately 20,000 sq ft, with office suites starting at 2,100 sq ft.