PAN European asset manager M7 Real Estate has announced new tenants for its Belfast office development.
The London-based investment group bought 20 Adelaide Street for £2.4 million in 2018 and embarked on a major refurbishment programme it completed just months before the Covid-19 pandemic.
Financial services consultancy Treliant and credit union financial services software provider Wellington IT have both agreed 10-year leases at the Linen Quarter development.
Irish safe deposit box manager Merrion Vaults is also due to open a new secure depositary facility on the ground floor of the building within the next few weeks.
Just two of the seven floors at the 20,000 sq ft office buildings are now vacant.
James Smith, senior asset manager at M7, said there had been a notable uptick in viewings and enquiries since 2022.
“We believe that our significant investment to modernise the building is a testament to the widely reported trend of high quality, attractive space being a key driver in the decision making of collaborative thinking, corporate occupiers.”
Commercial real estate agencies CBRE NI and McConnell Property are joint letting agents on the development.
David Wright from CBRE said office take-up in Belfast during the first quarter was up 173 per cent year-on-year.
Brendan Gorman from Treliant, said: “Our relocation to 20 Adelaide Street is driven by our commitment to the well-being and growth of our team.
“Our new space will provide a collaborative and inspiring environment where our team can deliver excellence to our clients and drive innovation and development across our business.”
Wellington IT’s chief executive, Ian Glenn added: “We are thrilled to have moved into our new office space at 20 Adelaide Street.
“We have created a modern, flexible office space that supports collaborative working and believe that our new premises will act as a catalyst for future business growth and success and will help us in attracting and retaining a talented workforce.”
M7 Real Estate manages a portfolio of 620 properties across 15 countries worth around €6.9 billion.
