The Obel development in Belfast, which contains Ireland's tallest building, has been sold.

The loan sale was handled by property consultants, Savills, and law firm Tughans, on behalf of Bank of Scotland.

Situated on Donegall Quay, the 85 metre tower and surrounding buildings comprise of 52,462 sq. ft of Grade A office accommodation and 282 luxury apartments – all within walking distance of Belfast City Centre.

The property was launched on the market at the beginning of March and, according to Savills, is an excellent asset management opportunity that, once fully let, will produce a gross income of over £2.2m per annum.


Ben Turtle, Director of Investments at Savills Northern Ireland, said: "We expected the Obel to generate significant interest when we brought it to the market 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.

"Investment property transactions in Northern Ireland reached £175m last year – more than the combined total of transactions since the start of the downturn. However, with economic conditions improving, and investor confidence in Northern Ireland rising, we expect the figure to be much higher this year."

(CD/JP)