Business

Prominent city centre building sold for £2.5m

The building at 22 Adelaide Street has been sold to a local private investor form £2.46m
Gareth McKeown

A PRIME Belfast city centre building has been sold to a local private investor form £2.46 million.

The property at 22 Adelaide Street, which is currently let to PureGym has been sold off-market to an unnamed party, reflecting a net initial yield of 6.52 per cent.

PureGym takes up the bottom three floors of the the six-storey red brick building and holds a lease for the 15,500 sq ft space until July 2029. The remaining upper levels are used as office space.

Lambert Smith Hampton acted on behalf of the purchaser and director of capital markets, Neil McShane believes it is a "brilliant investment opportunity".

"This building offers a long-term secure income over the next 11 years to a well-established gym operator. With a lack of available properties in the local market at the moment and demand remaining strong we are constantly trying to identify opportunities on an off-market basis.”

Robert Ditty, director in CBRE who acted jointly as selling agents with McGeown Commercial, added:

“This off-market sale continues to demonstrate interest for prime city centre investment opportunities from local clients. Many are now focusing on alternative sectors such as leisure which typically offer longer leases and better returns compared to other sectors.”

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