IRELAND'S tallest building is set to undergo a £2 million upgrade.
Common areas of the Obel in Belfast will be refurbished following the cash injection by the building's owners.
Asset manager Lisney said some apartments will come to market once the works at the Donegall Quay development are complete.
Work is already under way and is due to finish this year.
Lisney Northern Ireland Declan Flynn said the investment was "not only represents the most positive development in the local property market for many years, but also provides a major boost to the Northern Ireland economy".
“The Obel building helped reshape the Belfast skyline when it was first launched and the forthcoming refurbishment works will help the complex fulfil its full potential, becoming the pinnacle of city centre living for Belfast’s young professionals," he said.
“As the appointed asset manager for the project, we are already seeing very clear signs of the appetite which exists for living units at what is set to become one of the city’s most iconic buildings.
“Private tenant occupancy rates in Obel Tower have risen from 50 per cent to 95 per cent since we were appointed last year and we expect demand to escalate ahead of the refurbishments.”
The 27-storey complex has more than 200 luxury apartments and more than 52,000 sq ft of Grade A office space.
The Obel was first launched onto the market in 2005 when dozens of apartments were sold off-plan. Construction commenced in 2006 and was completed in 2011.
It was bought by an American consortium in 2014 for more than £20m.
Previous owners Donegall Quays Ltd slumped into administration in late 2012 and the Obel was taken over by Bank of Scotland.
At one point it was considered among the most exclusive addresses in Northern Ireland with the building said to be worth £100m at the height of the property market.
