Business

Plans for major new £20m office building announced

An artist's impression of how the new office block at Queen's Square will look
An artist's impression of how the new office block at Queen's Square will look An artist's impression of how the new office block at Queen's Square will look

BELFAST'S chronic shortage of grade A office space is set to be further addressed by a £20 million office building at Queen's Square.

The office block, being developed by Paris-based firm Stargime, will stretch to 80,000 sq ft and be leased to an international financial services company when it opens in 2017.

The company bought the site for £2 million last year and plans have been submitted to convert the former First Trust building which has lain vacant since 2013.

Stargime said talks were at an "advanced stage" with a tenant with a view to leasing the building for 15 years.

It is the latest top grade office development planned for Belfast with the City Quays block across the river the only one to open this year.

Earlier this year, Invest NI announced proposals to help fund developments in the face of a scarcity of grade A accommodation in the city.

However, Stargime said their scheme will be funded in its entirety by private finances.

It said more than 150 jobs would be supported during the construction phase of the building which will provide space for 350 workers.

Company director Jonas Mallard said: “We are seeing an increasing number of large international firms who are looking to relocate parts of their activities to Northern Ireland.

“The future demand for grade A office space in Belfast and other areas is anticipated to rise significantly. However, this opportunity won’t be grasped without having the adequate infrastructure in place.

“Building on our European development experience, at 4 Queen’s Square we are aiming to create office accommodation of an international standard that will enable a large international firm to invest in Belfast, creating hundreds of high quality jobs in the process.

“Importantly for us, we are also very excited at the prospect of breathing new life into a landmark building and the surrounding area - creating an exciting, vibrant space in a key part of Belfast city centre.”

Earlier this year, Belfast City Council announced plans to build a new 100,000 sq ft office building at the site of Clarendon House on Adelaide Street.

The latest report from property agents CBRE meanwhile said a contractor "is about to be appointed" to the City Quays 2 building in Belfast's harbour estate with construction expected to begin in the coming months.

It said Invest NI's plans to help fund developers had "been broadly welcomed although it is somewhat disappointing to hear that (finance) Minister Arlene Foster has conceded that it is now unlikely that Stormont will be able to introduce a reduced rate of corporation tax in 2017 as had been anticipated".