The availability of grade A office space in Belfast city cnetre is set to increase following the acquisition of Oxford and Gloucester House on Chichester Street by leading property investment and development firm Wirefox.
The deal, completed for an undisclosed sum, will see the redevelopment the site in a major upgrade.
Currently leased to the Department of Finance and Personnel, the prominent building comprises of nearly 70,000 sqft of office accommodation and is the latest acquisition for the Holywood based company which has assets across the UK and Ireland.
“Wirefox has a diverse range of property within its portfolio and we expect to expect make further investments within Northern Ireland in the coming months,” said director of investments Steven Flannery.
“According to Lisney’s 2015 Commercial Property Report, at the end of last year there was only 150,000 sqft of Grade A office accommodation available in Belfast, and that figure has reduced since then.
“There is a market requirement and Wirefox is confident that, over the coming years, we will play our part in placing Belfast on strong footing by providing more Grade A office capability.
“The purchase of Oxford and Gloucester House follows our procurement of 42,000 sq. ft. of office accommodation at 39 Corporation Street in Belfast, which is part of a broader office portfolio strategy.”
Belfast commercial law property specialists Davidson McDonnell advised Wirefox throughout the acquisition.