SALE OF LANDMARK CITY CENTRE BUILDING INDICATIVE OF STRONG INVESTOR DEMAND
01 February 2017Laganview House, a landmark building on the corner of Ann Street and Oxford Street in Belfast has been sold, comfortably exceeding its asking price of £1.25 million, according to selling agents, Osborne King. The building was constructed for Bank of Ireland, however, in more recent years, it has been used as offices by the Northern Ireland Housing Executive. Comprising approximately 11,000 sq. ft. of space spread over four floors, the building is in need of refurbishment although the ground-floor former banking hall retains many original period features.
Commenting on the sale, Richard McCaig from Osborne King said: “The combination of location and outlook of this building with its views over the River Lagan makes Laganview House very well suited to either office or leisure use, or a combination of the two. There was a great deal of interest in this property when we brought it to the market and it was noticeable that the majority of interested parties were local cash-rich investors who are actively seeking good-quality investment opportunities.
The level of interest in properties such as this clearly demonstrates the strong demand for refurbishment or re-development opportunities at present specifically in relation to the office and leisure sectors.”
It is understood that the purchaser of Laganview House is a local private investor who intends to undertake a major refurbishment of the property in the near future.