City centre building goes on the market for over £2.5m

A BELFAST city centre office building owned by developer Gareth Graham has gone on the market for more than £2.5m.

Lyndon Court on Queen Street is a three-storey mixed-use development, with retail units at ground floor and office units.

While the majority of the building is empty, with only a handful of tenants on shortterm contracts, the sellers have suggested a 12-storey structure could be built on the site.

The building was part of Gareth Graham’s firm, AD Enterprises. He previously took vulture fund Cerberus to court after it assumed control of his companies, including AD.

However, last year Mr Graham used a newspaper advertisement to apologise for criticisms he made of the organisation, and in return he regained control of his businesses.

Lyndon Court has planning permission for redevelopment to provide 52,987 sq ft of offices and retail space over seven floors.

The building was constructed in the early 1980s and is brickclad with a steel frame.

It is being sold by commercial property firm CBRE, and is on the market for offers over £2.5m.

The property is also being advertised for rent, with agents stating: “These offices are suit- able for a wide range of occupiers and provide an excellent city centre location”.

Elsewhere on Queen Street, work is well under way to build a major 317-bedroom student development.

The Athletic Stores building is being turned into student rooms by Welsh company Watkin Jones and Holywood’s Lacuna Developments.

The scheme will involve retaining the facade of the building, a former Victorian warehouse.

Gareth Graham is also involved in a large-scale office revamp elsewhere in the city.

The next stage of the £20m facelift of Oyster House will see a series of renovations and extensions, doubling the rates value of the property to £2m.

The scheme is due to be called Merchant Square.

The first phase of the plan was granted planning permission at the end of last year for the refurbishment and extension of Oyster House and Royston House on the corner of Wellington Place and Upper Queen Street.

It will add an extra 2,115 sq m of office space.

There are also plans to extend the seventh floor, along with two additional floors above, for new office space.

In addition, there will be two new retail units and a reworked entrance.