19 May 2015

CCEA’s Clarendon Dock base goes on the market for £6m


The home of CCEA in Belfast’s Clarendon Dock has been put on sale by owners La Salle Investment Management for a price tag of £6m.

The building is close to other major office schemes such as the new-build City Quays 1.

Clarendon Dock is let to the CCEA – the Council for the Curriculum Examinations and Assessment.

The 46,764 sq ft block was purpose-built in 1996 and has 85 car parking spaces. CBRE, which is looking after the sale of the building, said it was in a “prime riverside location and an area currently attracting a large amount of foreign direct investment interest”.

The tenant will remain in the event of a sale.

CBRE director Robert Ditty said the building was a “strong investment opportunity” with a net initial yield for 8% and capital value of £128 per square foot.

He added: “2015 has been a huge year for investment in Northern Ireland, with nine transactions totalling approximately £58.6m completed in Q1 – compared to £5.02m in the same period in 2014.

“Transactions include the Government’s acquisition of the Causeway Exchange office building in Bedford Street for £12.15m and the Hastings Hotel Group’s purchase of Windsor House, Bedford Street for £6.5m.”

Mr Ditty said it expected “significant interest” from local, national and international investors.

“The office sector is currently extremely buoyant, with buyers seeking to acquire office assets offering the potential to capitalise on both rental and capital growth.

“No 29 Clarendon Road offers this potential, with the rent due to be reviewed August 2016.”

View this and more articles on the Belfast Telegraph.

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