Posted on Thursday 1 November 2018 by Ulster Business
A prominent Belfast building has gone on the market for offers over £11.25m, it can be revealed.
Donegall House, which sits across from City Hall on Donegall Square, is now being marketed by Osborne King and CBRE.
Built in 1968, the building was refurbished in 2013. It current plays host to tenants including Nationside, Barclays, Davy and Hays Recruitment.
There is also a suggestion that a further 55,000 sq ft could be added over the building’s seven storeys, subject to planning permission.
Some of the other business tenants include a small Kaffe O coffee kiosk, and Space NK.
Gavin Clarke, director of investment at Osborne King, said while a few UK-based investment funds have looked at the building, it could go to someone closer to home.
“It’s a landmark building – it’s the first time it’s been on the market in 50 years.
“I think (a buyer) could be local. We have had a few UK-based funds look at it to date. It’s still early days.”
Meanwhile, a number of other major commercial property deals were completed in the third quarter of the year, according to a new report from CBRE.
That includes Laharna Retail Park in Larne, which sold for £3.45m.
And a number of other large business parks and buildings are also now on sale. That includes Crescent Link Retail Park in Derry, on sale for £40.5m, Antrim Business Park for £12.5m and The Boat building in Belfast city centre – on the market for £8.5m.
According to CBRE, there were 17 major commercial lettings in the third quarter of the year, across 105,000 sq ft of space.
That included Firstsource, which is taking almost 29,000 sq ft of space at 23-29 Fountain Street, which had been home to Concentrix.
Meanwhile, construction workloads edged upwards in the third quarter of the year, despite a “marked decline in infrastructure and public sector work”.
That’s according to the latest survey from RICS (Royal Institution of Chartered Surveyors) and Tughans.
Jim Sammon, RICS Northern Ireland construction spokesman, said:
“While it is encouraging that we are seeing rises in the private housing, private commercial sector and public housing subsectors, the picture across other areas, particularly infrastructure, continues to cause concern.
“The fact that infrastructure and public non housing workloads are in decline gives an indication of the impact the lack of decision-making in government is having on the ground.
And Michael McCord, head of construction, Tughans, said: “In some respects it appears that there is a two-tier construction market at present, with some private sector activity forging ahead, while surveyors report declines in infrastructure and other publicly-funded activity”.