Prominent Landmark Riverside Office Sale
A landmark office building, located in NI’s premier business park Clarendon Dock, has been put on the market for £6 million according to commerical property agents CBRE.
The property, 29 Clarendon Dock, with a frontage onto the River Lagan and opposite Titanic Quarter, is located close to many other high profile office schemes including Belfast newest office building City Quays 1.
The building is currently let to a Government Department. Purpose-built in 1996, it measures 46,764 sq ft and benefits from 85 car parking spaces.
With surrounding high-profile tenants including Belfast Harbour Commissioners, Lagan Group, Capita, Northern Ireland Policing Board and Grant Thornton, the office is in a prime river-side location and an area currently attracting a large amount of FDI occupier interest.
“29 Clarendon Dock is an iconic office building with a fantastic location beside the river in Belfast City Centre. It offers a strong investment opportunity with an attractive net initial yield of 8.00 per cent and capital value of £128 per sq ft.
“2015 has been a huge year for investment in Northern Ireland, with nine transactions totalling approximately £58.6 million completed in Q1 – compared to £5.02 million in the same period in 2014. Transactions include the Government’s acquisition of the Causeway Exchange office building in Bedford Street for £12.15 million and the Hastings Hotel Group’s purchase of Windsor House, Bedford Street for £6.5 million.
“We expect significant interest from a host of local, national and international investors. The office sector is currently extremely bouyant with buyers seeking to acquire office assets offering the potential to capitalise on both rental and capital growth. No.29 Clarendon Road offers this potential with the rent due to be reviewed August 2016."
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 140 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.