Belfast Telegraph

Office block sale 'opportunity to exploit rental growth' in city

By Emma Deighan

A prime office block in Belfast city centre - which is home to daily newspaper the News Letter - has gone on the market for £21m.

Agents Lisney and Osborne King said the sale of The Metro building on Donegall Square South represents a "significant opportunity" for buyers as the office rental market here continues to attract increasing demand.

It's the latest major office asset to come to the market over the last few weeks, after offices of law firm Allen & Overy in Belfast at the Obel were put up for sale for £15m.

The Metro generates an average rent of £1.3m per year and averages almost £17 per sq ft on the upper floor offices. It also has 50 car parking spaces underground.

As well as the News Letter, the 70,000 sq ft offices are also home to Yell, Capita and selling agents Osborne King.

Nicky Finnieston, investment director at Lisney, said: "The quality and location of The Metro Building is an opportunity to exploit rental growth and should command the best rents in the city.

"The Belfast office market has seen prime rents move from £15 per sq ft to £21.50 over recent years and there are a number of office schemes planned where quoting rents will be upwards of £23."

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.

Popular