Belfast's Metro Building goes on the open market for £21m
THE 70,000 sq ft Metro Building in the heart of Belfast city centre has gone on sale for £21 million.
The nine-storey complex on Donegall Square South, built in 2003, boasts a strong line up of tenants including the News Letter, Capita and Yell, in addition to two levels of underground car parking for 50 cars.
The investment opportunity has been brought to market by Lisney and Osborne King.
Nicky Finnieston, investment director at Lisney (www.lisney.com), said: “There is a positive narrative around prime office space in Belfast, with strong occupier demand and significant rental growth in recent years.
“The quality and location of The Metro Building on the prestigious Donegall Square South behind the City Hall is an opportunity to exploit rental growth and should command the best rents in the city."
He added: “The Belfast office market has seen prime rents move from £15 per square foot to £21.50 over recent years and there are a number of office schemes planned where quoting rents will be upwards of £23.
“Therefore, with average rents in the building currently at £17 per square foot, the purchaser of The Metro Building will likely exploit its considerable reversionary potential."
Paul Henry, director of Osborne King (www.osborneking.com) said: “Recent sales have demonstrated a depth of demand for Belfast offices not only from local investors but from property companies and international investment funds.
"We would therefore expect to see some competitive tension around the sale of what is arguably one of Belfast's best property assets.”