A PROMINENT office block on Chichester Street in Belfast City Centre has sold for nearly £1.4 million.
The Grade A office space at 15-17 Chichester Street boasts over 6,300 square feet across 5 floors in one of the city’s prime locations.
The sale of the property to a private investor adds to the growing number of recent developments and transactions on Chichester Street alongside the likes of HMRC’sErskine 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.
The building is currently occupied by law firm Hool Law who remain as the tenant.
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%.
“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.