M7 searches for ten­ants at new Belfast of­fice

Belfast Telegraph - Business Telegraph - - News - BY RYAN MCALEER

EURO­PEAN es­tate agency M7 is un­der­tak­ing a ma­jor re­fur­bish­ment of the Belfast city cen­tre build­ing it bought just over three months ago.

Its pur­chase of 20 Ade­laide Street in July for £2.4m was the pan-euro­pean es­tate agents’ first project in North­ern Ire­land. The build­ing, which was sold be­fore the prop­erty crash in 2007 for £4.4m, was placed on the mar­ket this year on be­half of its re­ceivers, with an ask­ing price of £2.25m.

The new-look grade A of­fice build­ing will in­clude a glazed en­trance lobby with fea­ture wall, open plan of­fice floors, an ex­ter­nal ter­race to the sixth floor and en­closed, se­cure bi­cy­cle park­ing.

M7’s head of UK real es­tate, John Mur­naghan, said the firm has been track­ing the Belfast of­fice mar­ket for some time.

“We see the ar­eas of value both be­cause of the sup­ply and de­mand im­bal­ance, but also the macro-eco­nomic con­di­tions.

“This is a very ex­cit­ing project in new ter­ri­tory for us, and we look for­ward to launch­ing the re­fur­bished prop­erty to the mar­ket at the end of the year.”

Com­mer­cial prop­erty agency CBRE has been ap­pointed as the scheme’s sole let­ting agent.

The devel­op­ment com­prises ap­prox­i­mately 20,000 sq ft, with of­fice suites start­ing at 2,100 sq ft.

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