An iconic 10-storey office building in Belfast’s central business district has been listed for sale for £24.3m.
Bedford Housea unique shopping and retail center located in the city’s central business district, it should spark strong interest from investors, with strong supply expected.
It is currently owned and partly occupied by Ulster Estates and is trading with a list price of £24.3m.
Tenants within Bedford House include business advisers EY, built environment consulting firm Arup, investment bank Cowen and insurance broker and risk advisor Marsh.
CBRE NI Managing Director Brian Lavery said that Bedford House is one of the most exciting and attractive office investment opportunities to become available in recent years: “It is one of the most recognizable office buildings in the city. This presents an excellent investment and asset management opportunity for investors to capitalize on a buoyant local office sector, which continues to outperform its counterparts in the UK and Ireland in terms of returns for investors.
“Large players in the financial, insurance and consulting sectors are increasingly looking not only for prestigious locations and flexible spaces, but also for high-end facilities such as gyms and recreational spaces for the workforce and clients.”
With an address of 16-22 Bedford Street, the glass-fronted building sits on a 0.15 Ha (0.37 Ac) site. On foot, it’s just eight minutes from Weavers Cross and close to theatres, hotels, restaurants and bars.
The property is a 10-story mixed-use structure comprising 90,334 square feet of Grade A office space located on the upper floors, with four commercial units on the ground floor.
In addition to 38 car and 23 bike spaces, tenants benefit from access to the on-site fitness center and meeting rooms.
Douglas Wheeler of Lambert Smith Hampton said the level of interest in this investment is likely to reflect the city’s growing reputation as a place for big business: “Belfast is widely recognized as a place where ambition, optimism and opportunities.
“It is a talented, competitive and connected city, with the second fastest growing knowledge economy in the UK thanks to its digital infrastructure and clusters of high-growth companies, many of which are in the central business district and its surroundings”.
Since then, the iconic building has undergone several refurbishments, most recently in 2007, in which two additional lower sections were built on either side of the main tower, and in 2015 the main entrance lobby was reconfigured to include a café. on the mezzanine.
Its office area is accessed through a two-storey glazed entrance reception, fitted with Carrara marble and featuring a four meter high video wall.
The office accommodation benefits from an EPC rating of ‘B36’ at a time when Welfare/EPC credentials are of increasing importance.
The investment is a multiple rental for 14 tenants generating an annual net income of £1,569,832 with 85.10% of the rent insured against occupants who have a CreditSafe rating of ‘Very Low Risk’ or ‘Low Risk’. The investment is reversionary with a potential rental income of £2,016,000 per annum once rented.