The Northern Ireland Local Government Officers Superannuation Committee (NILGOSC) is poised to sell Belfast’s McAuley House office/retail building in Belfast city centre’s largest investment deal yet for a single property.
NILGOSC is seeking £30m for the 68,000 sq ft (6,317 sq m) building, located on the corner of Donegall Place and Castle Street.
It generates a rent roll of £1.6m, equating to a net initial yield of 5.01% and a reversionary yield of 6.11%.
Its retail tenants include the Disney Store, Zara, Monsoon, C&J Clark and The Sofa Workshop. Its offices are let to the Department of the Environment.
The grade B1-listed building was home to one of Belfast’s best-known department stores, Anderson & McAuley, for almost a century until its closure in 1994.
Osborne King and NAI Gooch Webster are joint selling agents for McAuley House.
EGi News 04/12/02
