City Office Investment, Potential Refurbishment / Redevelopment (STPP) Harvester House, 4 Adelaide Street,
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Built circa 27 years ago, the subject property is a modern, city centre office building arranged over ground and 6 upper floors with on -site parking for 33 vehicles. The upper floors are to be served by 2 new 8 person TK Elevator lifts in a centrally located core where male and female facilities are located at each level. Each rectangular, floor plate benefits from good natural light on 3 sides through double glazed units. Whilst the floor plates are primarily designed for single occupancy, subdivision into smaller lettable areas is possible into suites of 2,500–3,000 sqft accessed from the common core lobbies. The suites are heated/cooled with a mix of gas fired heating/cooling units. The building currently has 3 tenants including HSBC, Starbucks and Calnex plc with the current owners NFUM prepared to enter into a leaseback of part. See later for proposed leaseback details. The vacant suites have recently been vacated and whilst they could be offered to the market, full value will be unlocked after refurbishment. The surface car parking area is accessed from Alfred Street via controlled, electric gates monitored via the concierge at ground floor reception. Subject to planning, there is potential to provide additional floor space by building over the parking area to the rear which may create the opportunity for a wider re-purposing / redevelopment across the Hotel, PBSA and BTR/BTS sectors in time.
Built circa 27 years ago, the subject property is a modern, city centre office building arranged over ground and 6 upper floors with on -site parking for 33 vehicles. The upper floors are to be served by 2 new 8 person TK Elevator lifts in a centrally located core where male and female facilities are
- Impressive double height entrance foyer with rear access to parking.
- Accessible location – nearby bus / Glider routes and car parks.
- The new £340m Grand Central integrated bus/ rail transport hub at Weavers Cross is within a 10 minute walk and the 2 airports are within 15 and 30 minutes drive time.
- Partially let – 11,948 sqft tenanted, 25,801 sqft ready for refurbishment.
- Based on a rent of £22.50 psf (overall) and parking at £2,000 pa per space, the building has the potential to generate an office income of £849,352 pa & parking of £66,000pa.
- Post completion of the partial Leaseback, the initial annual income will be £246,557 pa.
- Existing tenants include NFUM, HSBC, Starbucks, and Calnex plc.
- Site area – circa 0.6 acres.
- Situated c. 100m south of City Hall, close to a number of well known occupiers including Bank of Ireland, Belfast City Council, Northern Ireland Housing Executive, Ulster Bank, Danske Bank, PWC, Deloitte, EY, HMRC and the main shopping area at Donegall Place.
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