With office rents now surpassing £20 per sq ft, Causeway Asset Management believes that now is the right time to invest in the Belfast office market. Damian Mitchell, property director, explains why.
With its prominent location in Belfast City Centre, Chichester House is just one of a number of properties undergoing redevelopment to transform it into a high specification Grade A space. Situated between Belfast City Hall and Victoria Square, the property which is owned by Kilmona Holdings currently comprises of a seven storey building of 28,600sq.ft and 5 ground floor retail units of approximately 5,000sq ft.
The reincarnation and substantial extension will provide a prestigious and impressive mixed use building offering 52,000sq ft of Grade A office space, tailored to the requirements of the occupier.
This is just one of several similar projects Causeway Asset Management has in the pipeline which will respond to the demand for office space in Belfast.
As a multi-disciplinary, real estate investment and asset management company, we provide advice, asset management, development and financial modelling services. We team up with new investment partners on real estate acquisitions across the UK and Belfast is a prime market for our activity at the moment. The demand for Grade A office space exists, supported by rents now rising above the £20 per sq ft threshold, and thus we continue to explore opportunities in this market.
Centre House, located directly opposite the Victoria Square Shopping Centre, comprises an eight storey office block of approximately 62,000 sq ft and ground floor retail units of approximately 12,500 sq ft.
Our proposed development will transform the current building. Planning permission has been granted for a large scale redevelopment to extend and refurbish the existing building and provide 90,000 sq ft of Grade A office accommodation while retaining the mixed use element of the building, with retail on the ground floor. We are currently exploring an alternative redevelopment option for the building which will provide up to 250,000 sq ft of modern Grade A office accommodation with floorplates up to 25,000 sq ft.
An impressive double height entrance will lead to an imposing feature reception surrounded by polished stone floor and walls. Both options have been designed by Coogan & Co architects in Belfast.
Another property which we anticipate will be available to occupiers in Q2 2018 is Nine Lanyon Place. The existing building has a total of 150,000 sq ft of office space and is being fully refurbished with around 75,000 square feet of refurbished space to be made available for occupation. The property will be fully upgraded to modern Grade A specification with floorplates of around 25,000 sq ft.
Nine Lanyon Place is situated in Belfast’s prime office core and on one of the most prestigious office sites in Belfast City Centre adjacent to the Waterfront Concert Hall and conference centre, Hilton Hotel and the Law Courts. The building benefits from frontage to Oxford Street, East Bridge Street and Lanyon Place.
These projects are an attempt to meet the demand for grade A office space and are testament to both Kilmona Holdings and Causeway Asset Management’s commitment to the Belfast office market.