CO Tyrone construction giant McAleer & Rushe has agreed to sell a speculative English office development for £39 million.
Contracts have now been exchanged on the Brinell Building in Brighton, due for completion by the local firm in June.
The sale to Orchard Street Investment Management, who purchased the speculative office development on behalf of St. James’s Place Property Unit Trust, reflects a yield of 4.75 per cent.
The deal comes just two months after it was confirmed that the seven-floor development is fully let, achieving record rents for the city.
The development, which will comprise 65,253 sq ft of Grade A office accommodation, is fully pre-let to three tenants, Unity Technologies, Diversified and Dehns, which will all relocate from their existing premises within Brighton city centre.
McAleer & Rushe property development director, Angus Monteith said they are delighted to have agreed the sale of the popular scheme.
"The fact that it has been entirely pre-let eight months before completion illustrates not only the quality of the property itself, but also of the wider Brighton office market, which continues to go from strength to strength.”
Tom Chadwick, partner at Orchard Street added:
“The Brinell Building is a prime addition to the portfolio and upon completion of the development the property will present a fantastic Grade-A office."
The Brinell Building is the latest scheme being delivered by McAleer & Rushe. In November the Tyrone-based company outlined plans to build a nine to nineteen storey apartment building on Corporation Street in Belfast.
The planned development comprises 347 build-to-rent apartments over ground floor retail and includes a semi-basement 84-space car park.
