Daily Mirror (Northern Ireland)
Office block set to fetch £5.25million in sale
AN office building in Londonderry has come on to the market with offers set to be around £5.25million, according to estate agent Lambert Smith Hampton.
Timber Quay stretches to 57,000sq ft and has 100 car parking spaces.
It is fully let to a number of tenants including Fujitsu, Click Energy, Kainos and Invest NI with a total rent of £644,190 per year. Martin Mccloy, director of capital markets at Lambert Smith Hampton, said the property offers a strong return for buyers.
He added: “At an asking price of £5.25million, this investment opportunity provides an above average return of 12% and we expect strong interest from private investors and property companies both locally and across the UK and Ireland,” he said.
“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 Cultural in 2012 and has undergone an exciting period of regeneration adding to an already vibrant and growing economy.” Mr Mccloy said the Grade A building is in a popular business location.
“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].