Posted on Thursday 19 July 2018 by John Mulgrew
A Belfast city centre office building has been sold off for £2.4m.
M7 Real Estate has taken on property at 20 Adelaide Street. The building, which includes 21,021 sq ft, represents M7’s first investment in Northern Ireland and is being acquired from receivers EY following a two-stage bidding process.
The building was being sold off by commercial property firm Osborne King.
John Murnaghan, head of UK real estate at M7, said, “We have been tracking the Belfast office market for some time as we see areas of value both because of the supply/demand imbalance but also the macro economic conditions.
“We have been waiting for a value add opportunity like Adelaide Street to come up for some time so we can apply our asset management expertise.
“We expect the office market in the north of Ireland, which saw take up of 22% above the five-year average in 2017 to continue to perform strongly. This is a really exciting project in a new territory for us and we look forward to launching the refurbished space to the market at the end of this year.”