Chancery House, which is located on the edge of Belfast’s Law Courts and opposite Victoria Square Shopping Centre, has been purchased by a local private developer.
The property has planning permission for a mixed-use development which will offer retail on the ground floor and high specification office space above.
Redevelopment could see 23,000 ft2 over seven floors with frontage onto both Victoria Street and Chichester Street.
The property is currently fully occupied by MTB Solicitors.
Neil McShane, director at Lambert Smith Hampton, guided the sale process. He said: “Chancery House represented a unique opportunity in that it is an income-producing investment property with exciting development prospects. The prime location and secure tenant means that it will continue to perform well as an office investment but, if redeveloped, will attract significant interest from potential occupiers.
“A lack of opportunities has been driving up prices for prime property and this trend is expected to continue. Many property owners have postponed their decisions to sell and the resultant stock-shortage is drawing strong bidding from active investors who are keen to get their capital placed.”