N. Ireland Politics

Belfast city centre shop and offices building sold for £5m

A retail and office development in Belfast city centre has been sold for more than £5m.

Arthur House, on Arthur Street, houses the Avoca shop and café while the upper five floors are serviced office space.

The building had been owned by a Dublin-based developer but was placed into receivership by Danske Bank.

The new owner is a European buyer who has come into to the Northern Ireland market for the first time.

They paid just under £5.4m, which was greater than the asking price.

The development has an annual rental income of £535,000.

In recent years Arthur Street has become an increasingly desirable location for retailers because it is close to the Victoria Square shopping centre.

Another shop unit close to Victoria Square has also been sold in recent weeks.

The unit on Ann Street, which is let to Cafe Nero, was sold to a buyer from the Republic of Ireland.

Both developments were marketed by the property agency DTZ.