Obel complex in line for £2m investment

Upgrade for Belfast landmark that fell victim to property crash

 

A city centre property complex in Belfast, which includes Ireland’s tallest building, the 27 storey Obel Tower, is to get a £2 million investment, according to commercial property agents Lisney.

The Donegall Quay development, which features offices and 280 apartments, is to benefit from “significant refurbishment works” and a “major upgrade” of the Obel, the commercial property agents have disclosed.

The complex, which was one of the casualties of the property crash was effectively repossessed in 2012 and then sold for more than £20 million in 2014 to New York-based Marathon Asset Management.

The complex is currently home to international law firm Allen & Overy and the Mount Charles-operated restaurant, Fed and Watered.

Lisney has been appointed asset manager for the £2 million “enhancement” project, which it said will also result in a number of apartments in the Donegall Quay development being completed. The property agents said work is already underway and is expected to be completed before the end of this year.

Declan Flynn, managing director of Lisney Northern Ireland, said:”This multi-million pound investment not only represents the most positive development in the local property market for many years, but also provides a major boost to the Northern Ireland economy.

“The Obel building helped reshape the Belfast skyline when it was first launched and the forthcoming refurbishment works will help the complex fulfil its full potential, becoming the pinnacle of city centre living for Belfast’s young professionals.”

He said private tenant occupancy rates in Obel Tower had risen from 50 per cent to 95 per cent in the last year.