Belfast Telegraph

Three Belfast offices on the market for a total in excess of £5m

By Margaret Canning

The sale of three Belfast city centre offices - on the market for over £5m in total - is expected to attract major investors.

A seven-storey serviced office building at Adelaide Street has been put up for sale for £2m following the receivership of Elm Private Partnership.

Richard McCaig, associate director of Osborne King, which is selling the office building, said: "Due to the continuing increase in demand for city centre office space and the successful completion of a number of refurbishment projects in the immediate vicinity, we would expect to see strong interest from local and UK-based investors.

"This opportunity may also be of interest to owner-occupiers given its prominent location and the lack of accommodation available for sale in the market at present."

And in Donegall Quay, another building has gone on the market for £1.25m.

The site, the former home of Stewarts Solicitors, is at the junction of Donegall Quay, Ann Street and Oxford Street. It's understood the law firm is set to find new premises.

Lisa McAteer, director at CBRE, the selling agents for the building, said: "It's rare that a building located on such a prominent gateway site comes on the market, and we believe it offers fantastic potential for a new gateway office development, apartment scheme or hotel and leisure concept. 

"The views from the upper floors stretch out towards Belfast Lough, Harland & Wolff, and as far as Stormont.

"They are simply stunning views giving a 270-degree perspective across the city and are pretty much unrivalled anywhere in the city centre."

The building is owned by a pension fund, which has instructed CBRE to place it on the market with vacant possession.

And in nearby Lanyon Quay, an office development let to Baker Tilly Management Ltd is on the market for £2.3m.

The grade A city centre office investment at 1 Lanyon Quay is let for 10 years from November 1 2017, with a tenant-only break at year seven.

CBRE said: "We are instructed to seek offers in the region of £2.3m for our client's virtual freehold interest excluding VAT."

Belfast Telegraph

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