PRIME CITY CENTRE REDEVELOPMENT OPPORTUNITY
18 June 2019
A prime city centre redevelopment opportunity has been brought to the market on behalf of the current owners, Belfast City Council. Osborne King have been instructed to market the opportunity which consists of an existing 4 storey office building and adjoining car park in the heart of Belfast city centre.
The total site area extends to approximately 0.35 acres with the existing office building extending to c. 18,696 sq ft. At present there are 28 parking spaces towards the Gloucester Street frontage. The property also fronts onto May Street benefiting from a significant amount of passing traffic and footfall.
A spokesperson from Belfast City Council commented:-
“The redevelopment of this site as residential, commercial/leisure scheme or a mixed use development will improve our economy which will bring people to live, to work and to experience our city. It is intended that the property is redeveloped in line with the vision outlined in the Belfast Agenda.
Belfast City Council are seeking offers in excess of £2.95m for this redevelopment opportunity. However, the Council is not precluding the submission of development proposals to work in partnership with the Council to redevelop the site in line with the Belfast Agenda.
Richard McCaig of Osborne King commented:-
“We are delighted to be instructed on such a prime opportunity by Belfast City Council. Given the scale and prominence of the property we would expect significant interest from both local and international developers. Despite the wider economic backdrop Belfast continues to see large scale investment especially across the office, residential and hotel sectors.
We expect to see this continue and have no doubt that an experienced developer will seize this opportunity to further enhance Belfast city centre.”