McAleer & Rushe JV sells Invest Northern Ireland’s headquarters (IE)

The Northern Irish Government has acquired Invest Northern Ireland’s Belfast city center headquarters through a sale of the shares of the holding company from Bedford Street Developments Ltd for close to the guide price of £40 million (approx. € 46.1 million).

Bedford Street Developments is a joint venture between McAleer & Rushe and Dunloe Ewart.

The acquisition includes Invest Northern Ireland’s award winning headquarters and the adjacent Linum Chambers premises. Constructed in 2005 under a Public Private Partnership contract by McAleer & Rushe the assets consist of over 130,000 ft² (approx. 12,080 m²) of Grade A office accommodation and secure basement car parking for 95 spaces. To date it is the only office PFI contract to have been undertaken in Northern Ireland.

McAleer & Rushe property director Stephen Surphlis said: “McAleer & Rushe is particularly proud of its role in delivering such a flagship development. The price achieved reflected not only the strong covenant and income stream but the acknowledged high specification and finish of the building which was reflected in the intense interest from a number of UK funds. This transaction is an exemplar of private and public bodies working well together. We enjoyed a very positive and supportive relationship with NAMA who were our banking partner on this particular transaction, and Invest Northern Ireland with whom we have developed a strong working relationship over the course of the project.”

Osborne King Commercial Property Advisors director Paul Henry who advised Bedford Street Developments said: “The original PFI structure protected Invest NI from any potential development risk and ensured that it got a bespoke headquarters building delivered to its time-frame and budget by an expert developer. But once delivered the Government has been persuaded of the advantages of owning the building.”

The McAleer & Rushe joint venture has retained the adjoining site which has planning permission for a 225,000 ft² (approx. 20,900 m²) office development.

Source: MJ2 Limited

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