European property owner launches first Northern Ireland office project in Belfast
A European property owner has completed major works on a Belfast office building.
The building on 20 Adelaide Street is the first project in Northern Ireland for European investor and asset manager M7.
It purchased the building last July for £2.4m. Previously the unit had been sold for £4.4m in 2007 before the property crash but was placed back on the market last year.
The building now includes a high, glazed entrance lobby with a Belfast-themed feature wall, open-plan office suites, LED lighting and an external terrace to the sixth floor.
Will Mitchell, asset manager at M7 Real Estate, said: "The completion of the wholesale refurbishment of 20 Adelaide Street has been delivered to business plan. Working closely with our professional team we have designed the building to suit both SMEs and larger businesses by having the flexibility to tailor the floorplate areas based on occupier requirements.
"We are delighted with the finished product, which also offers a number of modern features and amenities that we believe will be welcomed by occupiers."
Commercial property agency CBRE has been appointed as the scheme's sole letting agents. David Wright, office agency director at CBRE, said: "20 Adelaide Street is a welcome addition to the other refurbishment projects that have been brought to the market in the Linen Quarter over the last number of years, including the likes of Linen Loft, Flax House and Weaving Works.
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"The development comprises approximately 20,000 sq ft with office spaces starting at 2,100 sq ft and will provide much-needed high-quality office accommodation in Belfast, particularly for the local SME sector."
M7 appointed Trident as its project manager to oversee the refurbishment of the building.
KB Architects and Belfast-based contractor and fit-out firm Portview also worked on the project.
Kimia Benam of KB Architects, who led the design and delivery of the commercial refurbishment project, said: "20 Adelaide Street is a fantastic opportunity to showcase how older buildings can be dramatically enhanced through considerate design.
"The cleverly sculpted double-height main entrance lobby is a welcome addition to this newly-refurbished development, which also celebrates the history of Belfast artistically."
The completion of the site follows on from recent research that demonstrated a high demand for office space here.
A report by the Royal Institution of Chartered Surveyors and Ulster Bank said inquiries from occupiers of commercial space had risen during the first three months of the year.
Demand for offices was particularly strong, with the number of respondents reporting that demand from tenants had reached a four-year high.
Activity in office supply has also been buoyant with many projects on the horizon. One such scheme is a recently approved 260,000 sq ft mixed office space in the Smithfield area of the city.
A joint bid by Bywater Properties and Ashmour's for the site of a car park at North Street/Smithfield Market will be capable of accommodating 1,500 people.