Belfast investment and development company Wirefox has acquired 35-47 Donegall Place in Belfast city centre for an undisclosed sum.
The former bank building, known as 35DP, is a prominent five-story retail and Grade A office space, encompassing 80,000 sq ft, which fronts onto both Donegall Place and Fountain Street, adjacent to Belfast City Hall.
The anchor retail tenant is Boots which has occupied the building for 55 years and which signed a new 10-year lease for the building in 2020.
A consortium including Bywater Properties, LRE Capital and Belfast-based Ashmour acquired the site for redevelopment in 2015.
The four upper floors of 35DP contain flexible and modern air-conditioned office accommodation, and was fitted out by Graham Interior Fit-Out ahead of its sale.
In Association with
Wirefox, based in Hollywood, is controlled by BJ Eastwood, the grandson of businessman and former boxing promoter Barney Eastwood.
Wirefox investment director Kathryn Robinson commented: “Our purchase of 35DP represents a significant vote of confidence in Belfast’s growing office market and in the demand for high quality professional office space.
“It also aligns with our mission to acquire prime commercial property assets in a strategic location which have an enduring appeal and demonstrate strong growth potential.”
Gareth Howell, Wirefox property director, added: “The purchase of 35DP represents a superb opportunity to acquire a unique office proposition for Belfast which is underpinned by a longstanding and highly successful prime retail offering.
“It also demonstrates Wirefox’s confidence in Belfast’s enduring attraction for businesses and the level of occupier demand for ideally located, best-in-class office space which befits the needs of employers and employees alike.”
Howell added that Wirefox’s £45m ‘The Paper Exchange’ 200,000 sq. ft mixed use development on Chichester Street will come to market in Q1 2023.
Work started on the 11-story building in February 2020. Around 150,000 sq. ft of the mixed-use scheme is office accommodation.
Around 100 jobs were created during the construction phase which was undertaken by local contractor Heron Bros. The Paper Exchange can accommodate up to 2,000 people.
“The introduction of 35DP and The Paper Exchange for 2023 into Wirefox’s office portfolio provides us with a unique representation in all office grades and size offerings within the local marketplace, with The Paper Exchange in particular providing larger format accommodation of approximately 17,000 sq. ft right in the heart of the city centre,” said Howell.
“These outstanding spaces offer potential occupiers a blank canvas on which to come and express their brand and culture as they position themselves within the most central addresses available in Belfast.”
35DP and The Paper Exchange are being marketed for lease by Savills and Colliers International in Belfast.
Photo; CGI image of rooftop terrace at new 11-story The Paper Exchange development
