A huge chunk of fully-let prime Belfast city centre commercial property has come on to the open market as a major investment opportunity.
The mixed-use properties at 49-51 Donegall Place and 42-46 Fountain Street are being presented by Savills, the largest property consultancy in the north.
No guide price has been placed on the lot by the agents.
But it is likely that such a prestigious property, currently leased to a diverse and reputable group of tenants, could sell for around £10 million.
It was last on the market in 2022 at £13.3 million.
Spanning 68,500 sq. ft over six floors, the property includes two ground floor retail units occupied by high-footfall tenants DV8 and Waterstones.
DV8 enjoys extensive frontage on Donegall Place, while Waterstones, which features an in-house Ground Espresso Cafe on the first floor, benefits from Fountain Street frontage.
The office accommodation, comprising 48,724 sq ft from the first to the sixth floor, features a refurbished lobby, two passenger lifts, and modern amenities conducive to high productivity and work comfort.
Key tenants include ESO Solutions and A&L Goodbody, enhancing the property’s value with their stable occupancy.
The properties take in a gross rental income of £893,251 a year and a net income of £885,077, and around 86% of the income is secured against tenants of minimum or lower than average risk, with a lease term of 4.57 years to lease expiry and 2.24 years to break.
A spokesperson for Savills NI said: “This sale offers a rare opportunity to invest in a high-quality asset located in Belfast’s vibrant commercial heart.
“The city’s growing status as a key business and cultural hub in the UK and Ireland, combined with the property’s strong tenant line-up and high rental yield, makes this an investment not to be missed.”
