Blog » Prime office building hits the market

Prime office building hits the market

Timber Quay, a prime office building in Derry-Londonderry, is on sale with offers expected at £5.25m.

Located on the Strand Road, the property is fully let to a range of tenants including Kainos, Invest NI, insurance firm Axa, IT giant Fujitsu and Click Energy– with a total yearly rent of £644,190.

Billed as modern Grade A office space- the entire building extends to around 57,000 sq ft with 100 on-site car parking spaces.

Selling agents Lambert Smith Hampton state the building is “designed for professional companies seeking highly quality office accommodation” with the company’s director of capital markets, Martin McCloy, describing Derry-Londonderry as a “popular business location”.

Mr McCloy stated: “We are delighted to bring to the market what is one of the best office buildings in Derry-Londonderry. Timber Quay boasts an excellent tenant profile providing security of income.

“At an asking price of £5.25m this investment opportunity provides an above-average return of 12 per cent and we expect strong interest from private investors and property companies both locally and across the UK and Ireland.”

He added: “Derry-Londonderry is the main cultural and commercial hub for the north west of the country.

“The city has been riding high since it was awarded the status of UK Capital of Culture in 2012 and has undergone an exciting period of regeneration adding to an already vibrant and growing economy.”