City centre building set for major overhaul after selling for £2.5m
A MAJOR city office building could become a mixed-use development after it was sold for more than £2.5m.
The red-brick building at 2933 Bedford Street was sold to an undisclosed Northern Ireland developer.
It was on sale for £2m, but it is understood to have sold for more than £2.5m. It is believed a deal is due to be completed in the coming weeks.
According to Ian Duddy of commercial property firm Colliers, which was marketing the property, there had been a high level of interest in the city centre building.
“There was a depth of enquiries and a pool of buyers... we have a happy client and a good result,” he said.
It is understood the building could become a mixed-use scheme, which could include retail, leisure and office space.
The Bedford Street property
The Bedford Street property sold for over £2.5m
sits beside the JD Wetherspoon pub and Pizza Express, covers a total of 13,300 sq ft and is currently home to some short-term lets.
Part of the building, at number 29, was built in 1875 and played host to a linen manufac-
turer, Robert Davidson, until around 1890, according to the website Future Belfast.
The building is located across the road from BBC Northern Ireland’s headquarters, as well as sitting close to Invest NI, Deloitte and EY.
The development, which is made up of two red-brick office buildings, includes a 40-space car park at the rear. The spaces are leased on licence agreements at a total rent of £43,800 each year.
Just metres away from the building, plans are under way to turn the Movie House cinema into a new £65m office scheme.
It is the brainchild of the Richland Group, headed by property developer Gary McCausland.
Elsewhere, a property developer is facing another hold-up over plans to demolish a 19th century Belfast building to make way for a new nine-storey office block.
Killultagh Estates, run by Frank Boyd, wants to knock down the existing Clarence Gallery at Linenhall Street.
A number of objections were raised over the scheme. That led to the firm submitting a scaledback version in new plans.
Meanwhile, an international campaign to entice investors to back major property developments in Belfast has been launched by Invest NI.
The initiative is focusing on seven projects with the potential to provide £1.3bn worth of property.
The launch comes at a time when demand is increasing among financial and professional services firms for office accommodation, while tourism growth is boosting demand for Belfast hotel rooms.
According to a recent survey, the take-up of office space in Belfast more than doubled in the third quarter of this year.
Figures published by Lisney Real Estate Agency revealed 91,557 sq ft of office space was taken up during the quarter, but the firm warned the supply of units in prime retail locations was drying up.
The value of significant commercial property sales in the last quarter went up to just shy of £200m, with major properties still on the market including Longwood Retail Park in Newtownabbey, which is priced at £47.8m.