Lon­don­derry quay of­fices up for sale

COM­MER­I­CAL PROP­ERTY

Belfast Telegraph - Business Telegraph - - News - BY MAR­GARET CAN­NING

A PRIME of­fice build­ing in Lon­don­derry with ten­ants in­clud­ing North­ern Ire­land plc Kainos is on sale with of­fers ex­pected at £5.25m.

Tim­ber Quay on Strand Road is fully let to a line-up of ten­ants which also in­cludes in­surance firm Axa, IT gi­ant Fu­jitsu, Click En­ergy and eco­nomic devel­op­ment agency In­vest NI with a to­tal yearly rent of £644,190.

The prop­erty is billed as mod­ern Grade A of­fice space — which sell­ing agents Lam­bert Smith Hamp­ton said was “de­signed for pro­fes­sional com­pa­nies seek­ing highly qual­ity of­fice ac­com­mo­da­tion”.

The en­tire build­ing ex­tends to around 57,000 sq ft with 100 on­site car park­ing spa­ces.

It is cur­rently owned by a North­ern Ir­ish prop­erty com­pany al­though its name has not been con­firmed.

Mar­tin Mc­cloy (right), di­rec­tor of cap­i­tal mar­kets at Lam­bert Smith Hamp­ton, said: “We are de­lighted to bring to the mar­ket what is one of the best of­fice build­ings in Derry-lon­don­derry. Tim­ber Quay boasts an ex­cel­lent ten­ant pro­file pro­vid­ing se­cu­rity of in­come. “At an ask­ing price of £5.25m this in­vest­ment op­por­tu­nity pro­vides an above-av­er­age re­turn of 12 per cent and we ex­pect strong in­ter­est from pri­vate in­vestors and prop­erty com­pa­nies both lo­cally and across the UK and Ire­land.” He added: “Derry-lon­don­derry is the main cul­tural and com­mer­cial hub for the north west of the coun­try.

“The city has been rid­ing high since it was awarded the sta­tus of UK Cap­i­tal of Cul­ture in 2012 and has un­der­gone an ex­cit­ing pe­riod of re­gen­er­a­tion ad­ding to an al­ready vi­brant and grow­ing econ­omy.”

He de­scribed Lon­don­derry as a “pop­u­lar busi­ness lo­ca­tion”.

And in re­cent weeks, there have been two ma­jor jobs an­nounce­ments in the city.

Mr Mc­cloy said: “The young and highly ed­u­cated work­force has en­cour­aged sev­eral com­pa­nies to re­cently an­nounce fur­ther ex­pan­sion plans in the city in­clud­ing Fin­tru (600 jobs) and Alchemy (250 jobs). Hav­ing re­cently been en­cour­aged to sub­mit their bid for a ‘City Deal’, Derry-lon­don­derry is def­i­nitely on the rise.”

Belfast and Lon­don­derry are ex­pected to hear more de­tails about their bid for a City Deal in Chan­cel­lor Philip Ham­mond’s Bud­get in Novem­ber.

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