Office block at the Titanic Quarter on sale for £34m
ONE of Titanic Quarter’s most prominent office buildings has gone on the market for £34m.
The Gateway Offices building in the Titanic Quarter is fully let to Citibank and houses the international bank’s support services operations.
Work on the building by owners Titanic Quarter was finished in 2009. It’s made up of three connected accommodation blocks with a central courtyard.
The Grade A office block is the latest major property of its kind to go on the market in Belfast.
During the year the Obel 66 office block at Lanyon Quay was sold by owners Marathon Investment Management to Belfast Harbour for £15m, while the Metro building behind Belfast City Hall was sold for over its £21m asking price.
Selling agent CBRE has been appointed by Titanic Quarter to sell the property, and said there was strong demand for Grade A offices.
A spokesman said: “The Belfast office sector is buoyant following a record year with occupier take-up estimated in excess of 800,000 sq ft.
“Rental growth has also been strong with headline rents in the city expected to achieve £22 per square foot by year-end.
“A lack of suitably configured Grade A space coupled with continued high levels of occupier de-
The Gateway Offices on the market
mand is encouraging both developers and investors to focus on this sector.”
James Eyre, commercial director at Titanic Quarter, said: “Titanic Quarter continues to grow with over 1.5 million sq ft of space completed and occupied with over 18,000 people living, working and visiting daily.
“Titanic Quarter is established as a centre for premium Grade A offices and business innovation, a world class tourist destination, an education and media campus and a prime residential community.
“The Gateway Offices therefore provides an excellent investment opportunity.”
The city has faced a lack of Grade A office space. In a bid to boost the stock, some developers have repurposed older buildings to turn them into high-end office accommodation. Examples include River House, revamped in a project by Castleforge Partners, as well as Merchant Square — a scheme involving the redevelopment of Oyster House and Royston House.