10 August 2023

A six-storey office building in Belfast city centre has gone on the market with an asking price of £11.15m.
Forsyth House, on the corner of East Bridge Street and Cromac Street, was built in 2005.

Richard McCaig, selling agent at commercial property agency Osborne King, said the building had been put on sale by its UK-based private client owner as it would soon be fully let.

That meant that the building would have nearly 10 years of secure income for an investor, he said.

“It’s the most significant lot size available currently on the market,” he said.

Mr McCaig said the building’s biggest tenant is flexible office company Regus, which extended their lease for another decade in summer last year, leaving them with 13 years unexpired.

And investor services group IQEQ had also fully refurbished their office, with around six years remaining on their lease.

Mr McCaig added: “We have also had success letting the ground floor retail/leisure units to Hench Gym who have invested heavily in their space over the last 12 months and are in the process of expanding,

“The final vacant unit has been agreed to a professional services business and the building will be fully let as of September 1.”

The owner was also carrying out work to improve the building’s environmental credentials, he said.

Mr McCaig added: “The tenants have all invested in their space recently showing that they are happy in occupation and intend to be there for the long term.

“My client’s model is to enhance and let high quality buildings and simply wish to sell as there is nothing more we can do to enhance the building.”

According to Future Belfast, a website which tracks the city centre’s buildings, Forsyth House was first placed the market in January 2007 with an asking price of £11.75m.

It was sold again in 2015, along with nearby Floral Buildings, to a London property company for an undisclosed sum.

Article published in the Belfast Telegraph

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