LANDMARK OFFICE INVESTMENT OFFERED FOR SALE
One of Belfast’s most prominent Grade A office buildings is being marketed for sale by CBRE with offers invited in excess of £34 million.
The Gateway Offices building in the Titanic Quarter, with a net lettable area of 133,000 sq ft and associated car parking is fully let to Citibank.
The building was completed in 2009 and comprises three connected accommodation blocks with a common central feature courtyard. The building was the first outside the south east of England to achieve LEED Gold Standard.
The Belfast office sector is buoyant following a record year with occupier take-up estimated in excess of 800,000 sq ft. Rental growth has also been strong with headline rents in the city expected to achieve £22.00 psf by year-end. A lack of suitably configured Grade A space coupled with continued high levels of occupier demand is encouraging both developers and investors to focus on this sector.
The Gateway Offices is the largest Belfast office investment to be offered to the market in 2018, and it is one of the most prominent Grade A office buildings in the city. With prime rents expected to achieve £22.00 psf by year-end, the building represents an excellent investment and compelling asset management proposition for investors seeking to capitalise on a buoyant office sector. As a result of this, we expect a competitive bidding process.
Titanic Quarter continues to grow with over 1.5 million sq ft of space completed and occupied with over 18,000 people living, working and visiting daily. Titanic Quarter is established as a centre for premium Grade A offices and business innovation, a world class tourist destination, an education and media campus and a prime residential community. The Gateway Offices therefore provides an excellent investment opportunity.