13 October 2015

Belfast’s Capital House goes on the market with a £10.5m price tag


The Capital House building in Belfast city centre has gone on the market for £10.5m.

The seven-storey office building was built in 1979 and sits on the corner of Upper Queen Street and Wellington Place. The building, formerly known as Dial House, was occupied by BT as their headquarters in Belfast until the company relocated.

Deramore purchased the building in 1999 for £5m. It was then refurbished and renamed Capital House in 2000, and is now owned by Alterity Investments, which formed out of Deramore Group in 2013.

It hosts a number of retailers in its ground floor units, including Timberland and Matchetts Music.

A number of other high profile blue-chip tenants also occupy much of the office space, including Capita and drinks giant Diageo.

Robert Toland, partner with commercial property firm DTZ McCombe Pierce, which is marketing the property, said he was confident the building would sell for more than its asking price.

“The tenants include Ranstad, Capita, along with Diageo. The only vacant space is the sixth floor, which was recently refurbished,” he said.

“There are four tenants interested in that space, and it is now fully refurbished and ready to go.”

Meanwhile, the former home of the Ulster Scots Agency on Bruce Street has also been put on sale, inviting offers of around £1.5m.

It is located on the corner of Bruce Street and Great Victoria Street, and features offices on upper floors and part of the ground floor.

The ground floor includes eight retail units, while offices are accessed by both Great Victoria Street and Bruce Street.

The 72,000 sq ft prominent Capital House development is the latest movement in the commercial property market this year.

Fairhill Shopping Centre, formerly owned by Sam Morrison, was just sold to UK-based Rockspring Property Investment Managers for £46.5m.

And three other major retail properties have been sold for a combined £53m, according to law firm Tughans.

Lisnagelvin Retail Park in Strabane was sold for £16.7m to M&G Real Estate, while Pradera and Tristan Capital Partners acquired the Showgrounds Retail Park in Omagh for £26.7m.

Meanwhile, Newry retail park Damolly, also formerly owned by Sam Morrison, has gone on the market for £33.5m just five years after it was bought by its current London landlord.

And two of Northern Ireland’s biggest retail parks – Junction One and The Outlet – have gone on the market with an overall guide price of around £60m.

In Belfast, a number of buildings once owned by property developer John Miskelly are being bought by businessman Paddy Kearney.

It’s understood the properties – including Lancashire House, which will become part of Ten Square Hotel, and a development site on East Bridge Street – are now being sold to Mr Kearney.

Mr Miskelly’s Londonderry House development on Chichester Street is also being sold on.

View this article and more at the Belfast Telegraph

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