The sale of Belfast’s The Obel development, which contains Ireland’s tallest building, has completed one month after it was launched to the market. International real estate adviser Savills and law firm Tughans advised the Bank of Scotland on the sale.
The buyer is an international investor. Situated on Donegall Quay, the 85 meter tower and surrounding buildings comprise 4,873 m² (52,462 ft²) of grade-A office space and 282 luxury apartments, within walking distance of Belfast City Centre.
The property, which was launched to the market at the beginning of March, is an excellent asset management opportunity that, once fully let, could produce a gross income of approximately £2.2 million (approx. €2.6 million) per annum.
Ben Turtle, Investment Director at Savills Northern Ireland, says: “We expected the Obel to generate significant interest when we brought it to the market and that is exactly what transpired. It has taken just over a month for the sale to complete, which highlights the growing popularity of Belfast and Northern Ireland as a location for property investment.”
He adds: “Investment turnover in Northern Ireland reached £175 million (approx. €211 million) in 2013, which is more than the combined total of transactions since the start of the downturn. However, with economic conditions improving, and investor confidence in Northern Ireland rising, we expect the figure to be much higher this year.”
The Obel comprises three separate blocks. Obel 62, the tallest building in Ireland, is a 28-story residential tower including 233 apartments, Obel 64 is an eight-story residential block with 49 apartments, and Obel 68 is a seven-floor commercial block comprising 4,873 m² (52,462 ft²) of primarily grade-A office accommodation.