Posted on Monday 13 August 2018 by Seren Pemrick

Obel 1

Ireland’s tallest building, Obel Tower, has been sold to Belfast Harbour for more than its £15m asking price, it’s been confirmed.

Obel 68, a 52,000 sq ft, grade A office investment on Belfast waterfront – which includes the 28-storey Obel Tower - is let to international law firm Allen & Overy.

It is one of two high profile office investments brought to the market by Lisney recently, the other building being the 70,000 sq ft.

Metro Building on Donegall Square South, is now under offer after having been marketed at offers exceeding £21m.

The largest retail investment transaction in Northern Ireland so far this year, the sale of Obel 68 to Belfast Harbour follows hot on the heels of Lisney’s £16.4m off-market acquisition of 40-46 Donegall Place for French investment firm Corum Asset Management in June.

Investment director at Belfast-based Lisney, Nicky Finnieston, said: “We always expected this instruction to be well received locally, but we were pleasantly surprised by the level of interest coming from London and internationally.

And he said that “the positive narrative around prime office space in Belfast continues to be buoyed by strong occupier demand and significant rental growth in recent years”.

“Growing confidence in the office rental market over the past couple of years has resulted in a record first quarter take up in 2018 of 270,000 sq ft that provides a compelling backdrop for potential investors.

“We have seen investment volumes increase from £26m in the first half of 2017 to approximately £70m in the first half of this year, the sale of Obel 68 and Metro will help to make sure that those volumes will continue to rise throughout the remainder of the year.”

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