Chancery House sale presents prime city centre investment and development opportunity
A PROMINENT office building on Belfast's Victoria Street has been put on the market by commercial property agents Lambert Smith Hampton with full planning permission for the construction of a new building which could provide extensive retail and office accommodation.
Chancery House is fully let to MTB Solicitors until April 2020 at a rent of £95,000 per annum. The property comprises of a four-storey purpose-built office building, which was constructed in 1987.
It occupies a prominent position on the corner of Victoria Street and the pedestrianised section of Chichester Street, a five minute walk from Belfast City Hall.
The planning permission provides for the demolition of the existing building and the development of five ‘full' storeys and two ‘set back' storeys. The completed development will provide for retail accommodation at ground floor with offices above.
The agents are seeking offers in excess of £1,450,000.
Neil McShane, director of capital markets at Lambert Smith Hampton, said: “This is a fantastic investment opportunity with secure rental income from a sitting tenant.
"However, the property also benefits from planning permission to develop a brand new building in what is a unique location near to the Royal Courts of Justice and Laganside Courts.
“Subject to securing vacant possession, the successful purchaser can demolish the existing building and develop a new 23,000 square foot building with retail at ground floor and offices above. Alternatively, subject to planning, the property could lend itself to a multitude of other uses. We anticipate strong interest from investors, developers and potential owner-occupiers.”
He added: “Following decades of rental stagnancy, the Belfast office market has experienced a significant rejuvenation. Through the period of recession, existing Grade A space was gradually absorbed, leading to the current chronic shortage. This property offers investors a unique opportunity to tap into the demand which exists in Belfast city centre.”