Business

Office development beside Obel Tower on the market for £15m

Offers are now invited for the 52,000 sq ft Obel 68, adjacent to the Obel Tower in Donegall Quay

A BELFAST office building located beside Ireland's tallest building has gone on the market for £15 million.

Offers are now invited for the 52,000 sq ft Obel 68, adjacent to the 85 metre (279 ft) Obel Tower in Donegall Quay. The development, arranged over basement, ground and six upper floors consist of 49,860 sq ft of Grade A office accommodation and 2,309 sq ft of retail space as well as 42 basement car parking spaces.

The entirety of the city centre office space is currently let to international law firm Allen and Overy until 2031, while the ground floor retail area is occupied by the Lagan Boat Company and Mount Charles Group, which operates the Fed and Watered café from the premises.

Commercial property agent Lisney has been instructed to bring the property to market and director of investment and retail, Nicky Finnieston believes it will attract strong interest.

“We are expecting Obel 68 to be very well received. The majority of investment stock available locally has been dominated by retail assets so this presents a unique opportunity," he said.

“With the growth in the office rental market over the past couple of years and take up for the first quarter of 2018 seeing a record 270,000 sq ft, this provides a compelling backdrop to potential investors. The quality of the Obel building, its high standard fit out, its location overlooking the river Lagan and the level of activity around Donegall Quay and Belfast Harbour area makes this an exciting opportunity.”

"We have seen a great deal of investment in the vicinity of Donegall Quay. This includes the £25m AC Marriott Hotel which opened last month with 188 rooms and well as the highly sought after office space at City Quays. The Lisney Q1 2018 Commercial Property Report also revealed that technology, digital and media occupiers accounted for 70 per cent of the record office-take up which has been hugely positive for the Belfast market. The report also predicted potential office supply constraints later in the year placing greater emphasis on redevelopment and refurbishment, " Mr Finnieston added.

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