Donegall House
23 October 2018

Donegall House hits the market at £11.25m


Donegall House, which sits on the corner of Donegall Square and Donegall Place, is on sale for £11.25m.

The building is home to beauty product chain Space NK, building society Nationwide and other financial services firms including Barclays Bank and stockbroker Davy.

Northern Bank Pension Trustees has owned the building for around 50 years, it had formerly been occupied by Bank of Ireland but had been acquired by Northern Bank’s pension trustees as an investment. Northern Bank, now Danske, had formerly operated a separate branch next to Donegall House.

Commercial property agency Osborne King have been appointed to sell the property, with director Gavin Clarke, stating he believed it’s the first time the building has been brought to market for 50 years.

“It’s certainly a good time to sell as the market is strong for certain assets,” Mr Clarke said.

“There is likely to be good growth in rents as there are rent reviews over the next year.”

Mr Clarke said he predicted an increase in the income from the building from £577,000 to up to £850,000 following rent reviews.

He said it had already been viewed by some UK-based investors since hitting the market last week.

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