Belfast city centre office block on the market for £24m

Gareth McKeown

A LANDMARK Belfast city centre office block has been put up for sale for £24 million.

The 13-storey Great Northern Tower on Great Victoria Street is now on the market and is expected to attract strong interest.

The building, constructed in 1992, features 108,790 sq ft of office space over 13 floors. The office block is currently fully let to the Department of Communities on a 10-year lease, which began in March 2017.

The current passing rent is £1,750,000 per annum.

Commercial property firm, Osborne King is the selling agent for the building, with offers sought in excess of £24m. A purchase at this price would reflect a net initial yield of 6.83 per cent.

If a deal is concluded on Great Northern Tower this year it is expected to be one of the biggest in Northern Ireland in 2019.

The sale of the nine-storey Metro Building on Donegall Square South to a private property trust in September was the biggest deal of 2018. The prominent city centre office building was said to have been sold for “well in excess” of the £21m asking price.

Other major deals concluded last year in the north included: the £18m acquisition of the NCP Car Park at Montgomery Street, Belfast by CBRE Global Investors; and Belfast Harbour Commissioners' purchase of the Obel Building for £15.2m.

CBRE's latest Real Estate Outlook report, published earlier this month, revealed a record 2018 for the Northern Ireland office market, with more than double the business reported in the previous year.

A record 885,023 sq ft of take-up was reported across 84 transactions according to the figures.

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