Posted on Friday 9 November 2012 by Ulster Business
Bedford Street Developments Ltd announced the open market sale of the building and the adjacent Linum Chambers Building, which make up part of its portfolio at Bedford Square on Bedford Street in Belfast.
Constructed in 2005 under a Public Private Partnership contract by McAleer & Rushe, the buildings comprise over 100,000 sq ft of Grade A office accommodation and secure basement car parking for 71 spaces.
The majority of the space is let on a long-term Project Agreement to Invest NI and the office accommodation at Linum Chambers is let on long-term leases to the Public Prosecution Service and the Northern Ireland Law Commission.
The developers said in a statement that the sale of the assets will have no impact on the ongoing business of the current tenants.
Commenting on the decision to sell, Stephen Surphlis of Bedford Street Developments Ltd said: "This is part of our planned strategy aimed at exiting certain investment properties within our portfolio. Given the historically low level of return currently offered for government gilts and an active investor market seeking government income, we believe there is an opportunity to capitalise on this institutional interest for PPP projects by virtue of the government-backed nature of their return."
Osborne King Commercial Property Advisors and ASM Chartered Accountants have been appointed to sell the property. Commenting on the sale,
Robert Ditty of Osborne King said: "The building has become a landmark building within Belfast's central business district and is fully occupied by three public sector occupants. As such, we anticipate keen interest from institutional and overseas investors. This is a positive step in terms of attracting inward investment to the Northern Ireland economy. As a showcase example of a Public Private Partnership working successfully since November 2005 and an office occupied by Government, we anticipate achieving a price in excess of £40m."