commercial property - Other for sale in BT2 7AD, for £24,000,000 by Osborne King - Proptyle

commercial property - Other for sale in BT2 7AD, for £24,000,000 by Osborne King

Great Northern Tower, 17 Great Victoria Street, Belfast, BT2 7AD, £24,000,000

Great Northern Tower, 17 Great Victoria Street, Belfast, BT2 7AD Offers in excess of £24,000,000  Photos 4 Property Description Great Northern Tower is an iconic Belfast office building located in a prime position close to the city centre and major transport hub.  The building, constructed in 1992, offers a striking glazed façade and double height receptionand lobby area. The tower extends to approximately 108,790 sq ft (10,106.59 sq m) over ground and 12 floors of offices with raised floors and suspended ceilings. The office is fully let to the Department of Communities on a 10 year full repairing and insuring lease from 3rd March 2017 – 8 years and 5 months unexpired. The current passing rent is £1,750,000 per annum reflecting a low rent of only £16.08 psf. Recent evidence indicates that the current ERV potential is £17.50 to £18.00 psf. Held by way of long leasehold for 900 years from 1989 at a fixed ground rent of £1 p.a. Offers are sought in excess of £24,000,000 (Twenty Four Million Pounds). A purchase at this price would reflect a Net Initial Yield of 6.83% and a Reversionary Yield of 7.64% (assuming a letting of £18.00 psf) allowing for purchaser costs of 6.8%. The property is situated on the city office core arterial route of Great Victoria Street and is easily accessed by foot from the existing main rail station at Great Victoria Street and bus station at Europa Bus Centre both of which are proposed to be redeveloped into a new proposed integrated Belfast Transport Hub known as Weavers Cross (weaverscross.co.uk).  The prime retail offer is a 10 minute walk away at Donegall Place. The Europa Hotel, being a four star 272 bed hotel is adjacent to the property. Office occupiers in the vicinity include Government (NI Housing Executive; HM Revenue & Customs), BBC, Axiom, Regus Managed Services, SSE Airtricity, Pearson and CME (Chicago Mercantile Exchange). Access to the data room is available upon request. Read More > Description Area Net internal area 108790   square feet