The Northern Irish government has acquired Invest Northern Ireland’s Belfast headquarters by buying the holding company Bedford Street Developments for close to the guide price of £40 mln (€46 mln).
The Northern Irish government has acquired Invest Northern Ireland’s Belfast headquarters by buying the holding company Bedford Street Developments for close to the guide price of £40 mln (€46 mln).
Bedford Street Developments is a joint venture between McAleer & Rushe and Dunloe Ewart.
The acquisition encompasses Invest Northern Ireland’s city centre headquarters and the adjacent Linum Chambers premises. Constructed in 2005 by McAleer & Rushe, the assets consist of over 130,000 sq ft (12,000 m2) of Grade A office accommodation and 95 parking spaces.
'The price achieved reflected not only the strong covenant and income stream but the acknowledged high specification and finish of the building which was reflected in the intense interest from a number of UK funds,' said McAleer & Rushe property director Stephen Surphlis.
The McAleer & Rushe joint venture has retained the adjoining site which has planning permission for a 225,000 sq ft office development.
ASM Chartered Accountants and law firm Pinsent Masons also advised Bedford Street Developments.
