Business

Belfast city centre office block sells for £1.4m

The grade A office space at 15-17 Chichester Street in Belfast which has been sold for £1.4 million

A PROMINENT office block on Chichester Street in Belfast city centre has been sold to a private investor for nearly £1.4 million.

The grade A office space at 15-17 Chichester Street boasts more than 6,300 square feet across five floors in one of the city's prime locations. It is currently occupied by legal firm Hool Law, who remain as the tenant.

The sale adds to the growing number of recent developments and transactions on Chichester Street alongside the likes of HMRC's Erskine House located opposite, Wirefox's the Paper Exchange and Chichester House next door, currently under redevelopment.

The completed deal comes at a time when the Belfast office market has been described as “buoyant”, with occupier demand focussing the attention of investors and developers.

Neil McShane, director of commercial property investment consultancy InPrio, who managed the sale, said: “As anticipated, we experienced high levels of interest in the property, with the successful buyer purchasing it for nearly £1.4m, equating to a net initial yield of 6.7 per cent.

“Not only was the property an attractive proposition, it is located in a prime location on Chichester Street which is experiencing a renaissance with an emerging mix of grade A office space, co-working spots, retail outlets and hospitality venues which is a shining example of what can happen in other parts of the city.

“The investment market in early 2019 is slowly but surely starting to pick up with a number of assets coming to the market. We are now marketing a number of investment properties which we expect will generate strong interest from local investors.”

Mark Riddell, director of property consultancy Riddell McKibben, represented the undisclosed buyer in the deal.

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