Business

Chancery House is sold for 'well above' original asking price

Chancery House, near Belfast’s Law Courts and Victoria Square shopping centre, has been sold for more than £1.5m

A PRIME property in Belfast city centre has been sold for a figure 'well in excess' of its guide price of £1,450,000 following a competitive bidding process, according to its selling agents.

An unnamed local private developer has moved to snap up Chancery House, located on the edge of Belfast’s Law Courts and opposite the Victoria Square shopping centre.

The property - which is currently fully occupied by MTB Solicitors - has planning permission for a mixed-use development which will offer retail on the ground floor and high specification office space above.

Redevelopment could see 23,000 square feet over seven floors with frontage on to both Victoria Street and Chichester Street.

Lambert Smith Hampton director Neil McShane, who guided the sale process, said: “Chancery House represented a unique opportunity in that it is an income-producing investment property with exciting development prospects.

"The prime location and secure tenant means that it will continue to perform well as an office investment but, if redeveloped, will attract significant interest from potential occupiers."

He added: “A lack of opportunities has been driving up prices for prime property and this trend is expected to continue. Many property owners have postponed their decisions to sell and the resultant stock-shortage is drawing strong bidding from active investors who are keen to get their capital placed.”

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