Belfast tower hits new heights with £20m buyer

A Belfast tower building 11 storeys higher than the Republic’s tallest structure, the Elysian, has been sold as part of a loan sale.

Belfast tower hits new heights with £20m buyer

Belfast’s 28-storey Obel development, in three blocks with signature tower, has found a buyer for over £20 million.

It only went to market in March with Savills, acting for Bank of Scotland and law firm Tughans.

The 85-metre high tower, part of a cluster of three buildings on Donegall Place by the Lagan and Lagan weir, has 52,000 sq ft of Grade A offices, and 282 apartments. It was developed in the mid-2000s by the Karl Group, who went into administration with debts of over £50m to BoS: the total development was costed at over £60m.

Savills described the sale as an excellent asset management opportunity with a projected gross income of £2.2m-plus pa when fully let.

The buyer’s identity hasn’t been disclosed, but is said to be from overseas.

Savills’ NI investment director Ben Turtle said they’d expected significant interest “and that is exactly what transpired. It has taken just over a month for the sale to complete, which highlights the growing popularity of Belfast and Northern Ireland as a location for property investment”.

Details: Savills, 01-6181300

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