£20m boost: Loan for new office block
A GRADE A 11-storey office development in Belfast city centre with room for 2,000 people has won £20m in loan funding.
The Paper Exchange, which is being developed by Co Down property company Wirefox, is receiving the money from the NI Investment Fund.
The 200,000 sq ft block should be ready by the end of 2022. It will cost £45m to build and have a £70m market value when finished. But the project is advancing at a time when many offices are underused after companies adopted working from home during lockdown.
However, Savills director Gareth Howell, whose agency will market the building to potential occupants with Colliers, said: “Even allowing for remote or hybrid working into the future, demand for the very best professional accommodation in the right location is still required to meet demand in this area.
“This scheme was also developed because Belfast has a projected shortage of quality Grade A space. Additionally, with a strong focus on economic recovery into 2021 and beyond, we’ve every confidence that The Paper Exchange fulfils this need and we are delighted that it will be ready for delivery towards 2023, long after the current pandemic crisis subsides.”
It is being constructed by Heron Bros on the site of the Oxford and Gloucester House buildings and a vacant neighbouring site.
Features of the Todd Architects-designed development include a double height entrance lobby, floor to ceiling glazing, seven high-speed lifts and a 4,000 sq ft private outdoor terrace.