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.

Robert Ditty, senior director, CBRE Belfast, said: “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.”

Commenting on behalf of the owners of the building, James Eyre, commercial director at Titanic Quarter, said: "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."