Two large investment opportunities in Belfast have come to the market and are expected to attract a significant amount of developer interest given their city centre location and redevelopment potential.
A site, known as the Erskine House Development, is being sold by a local unnamed investor with a price tag of around £13m. It comprises a 57-space car park on the corner of Chichester Street and Arthur Street and a four-storey office building. It is expected that redevelopment of the site could accommodate around 120,000 sq ft of retail and office development and it has full planning permission for a mixed use development including basement parking, retail and offices on six upper floors. However, a revised scheme is being prepared for the site.
The second building being sold – Calvert House - is six-storeys and comprises 26,000 sq ft of office space and is located at 23/29 Castle Place. It is expected to sell for more than £12m.
Osborne King, which is selling agent for both buildings, says Calvert House is located next to Multi’s Victoria Square retail scheme and has a ‘healthy annual rental income’. There is also existing planning consent for partial or complete redevelopment comprising both retail and office space.