Refurbished city centre office development ‘20 Adelaide Street’ welcomes new tenants including Treliant and Wellington IT

A newly refurbished Grade A office development, located in Belfast city centre’s Linen Quarter, has welcomed two new tenants as the scheme edges closer to being fully yet.

‘20 Adelaide Street’, which comprises c.20,000 sq ft across seven floors, is set in the heart of the business district and in recent years has undergone major refurbishment works including a luxury double height entrance foyer and high-end office suites.

Treliant, the global financial services consultancy and Credit Union financial services software provider Wellington IT have both agreed 10-year leases respectively.

The scheme is owned by M7 Real Estate (“M7”), the pan-European investor and asset manager.

James Smith, senior asset manager at M7, said: “20 Adelaide Street is a landmark refurbishment project for M7 in Belfast, and we believe that our significant investment to modernise the building is a testament to the widely reported trend of high quality, attractive space being a key driver in the decision making of collaborative thinking, corporate occupiers.

“There has been a notable uptick in viewings and enquiries since 2022, with historic enquiries also now resurfacing. We are delighted to have Treliant and Wellington IT join us, in addition to being excited to see Merrion Vaults open its secure depositary facility on the ground floor within the next few weeks also.”

Commercial real estate agencies CBRE NI and McConnell Property are joint letting agents on the development.

David Wright, director at CBRE NI, explained: “20 Adelaide Street has been a great addition to the office sector in Belfast and is providing high-quality Grade A office space in the city centre, particularly for the local SME sector.”

Recent CBRE NI research for Q1 2023 revealed that office take-up was up 173% year-on-year.

Mr Wright also said that new Grade A office schemes that had recently completed or are nearing completion should also provide a welcome boost to office take-up in the remainder of 2023.

Greg Henry, director at McConnell Property, continued: “With only two vacant floors left, it is great to see 20 Adelaide Street almost fully let, and it is encouraging to see the office sector in Northern Ireland showing its resilience.”

Brendan Gorman, CFO, Capital Markets at Treliant, stated: “Our relocation to 20 Adelaide Street is driven by our commitment to the well-being and growth of our team. Our new space will provide a collaborative and inspiring environment where our team can deliver excellence to our clients and drive innovation and development across our business.”

Wellington IT’s CEO Ian Glenn, added: “We are thrilled to have moved into our new office space at 20 Adelaide Street. We have created a modern, flexible office space that supports collaborative working and believe that our new premises will act as a catalyst for future business growth and success and will help us in attracting and retaining a talented workforce.”