Leading commercial property agent, Lisney, has been instructed to bring a 52,000 sq. ft. Grade A office investment to the market.
Offers in excess of £15 million are invited for the property, Obel 68, which is arranged over basement, ground and six upper floors sitting adjacent to the Obel Tower.
The Donegall Quay opportunity comprises 49,860 sq. ft. of office accommodation and 2,309 sq. ft. of retail space, with 42 dedicated basement car parking spaces.
The entirety of the city centre office space is currently let to international law firm Allen and Overy until 2031. The ground floor retail space is occupied by the Lagan Boat Company and Mount Charles Group which operates the Fed and Watered café from the premises.
The entirety of the office space at Obel 68 is currently let to international law firm Allen and Overy until 2031
Nicky Finnieston, Director of Investment & Retail at Lisney, said:
“We are expecting Obel 68 to be very well received, the majority of investment stock available locally has been dominated by retail assets so this presents a unique opportunity.
“With the growth in the office rental market over the past couple of years and take up for the first quarter of 2018 seeing a record 270,000 sq. ft., this provides a compelling backdrop to potential investors.
“The quality of the Obel building, its high standard fit out, its location overlooking the river Lagan and the level of activity around Donegall Quay and Belfast Harbour area makes this an exciting opportunity.”
Mt Finnieston continued:
“The corporate face of Belfast has changed significantly in recent years, with international companies such as KPMG, Pinsent Masons, Baker McKenzie, NYSE, PWC, Allstate, Citi, Concentrix and Allstate all represented in the city, many of which are attracted by the strength of the local talent pool.
“We have seen a great deal of investment in the vicinity of Donegall Quay. This includes the £25 million AC Marriott Hotel which opened last month with 188 rooms and well as the highly sought after office space at City Quays.
“The Lisney Q1 2018 Commercial Property Report also revealed that technology, digital and media occupiers accounted for 70% of the record office-take up which has been hugely positive for the Belfast market. The Report also predicted potential office supply constraints later in the year placing greater emphasis on redevelopment and refurbishment.”
The Obel Tower, which remains Ireland’s tallest building, is less than a 10 minute drive from George Best Belfast City Airport which was named the Most Convenient Airport in the UK and Ireland in a study by The Telegraph making the area easily accessible for commuters.