Developers Put Invest NI base up for sale

Bedford-Square-Belfast-Phase-1-Main

The Belfast city centre home of Invest NI and two other public sector bodies has gone on sale with an asking price of £40m plus.

Bedford Street Developments Ltd has today announced that part of its portfolio at Bedford Square, Bedford Street, Belfast, is to be placed on the open market for sale.

The assets in question comprise the award winning headquarters of Invest Northern Ireland and the adjacent Linum Chambers building. Constructed in 2005 under a Public Private Partnership contract by McAleer & Rushe the assets consist of over 100,000 sq ft of Grade A office accommodation and secure basement car parking for 71 spaces. The bulk of the space is currently let on a long-term Project Agreement to Invest NI with the office accommodation within Linum Chambers also being let on long-term leases to the Public Prosecution Service and the Northern Ireland Law Commission. Any sale of the assets will have no impact on the ongoing business of any of the current tenants.

Commenting on the decision to sell, Stephen Surphlis of Bedford Street Developments Ltd said,

“This is part of our planned strategy aimed at exiting certain investment properties within our portfolio. Given the historically low level of return currently offered for government gilts and an active investor market seeking government income we believe there is an opportunity to capitalise on this institutional interest for PPP projects by virtue of the government backed nature of their return.” As a showcase example of a Public Private Partnership working successfully since November 2005, we anticipate achieving a price in excess of £40M.”

ASM Chartered accounts and Osborne King Commercial Property Advisors have been appointed to sell the property. Commenting on the sale, Robert Ditty of Osborne King said,

“The building has become a landmark building within Belfast’s central business district and is fully occupied by three public sector occupants. As such, we anticipate keen interest from institutional and overseas investors, which will be a positive step in terms of boosting the Northern Ireland economy.”