City centre building sold for £12.5m

Victoria House in Belfast
Victoria House in Belfast
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A prime office building in Belfast city centre has been sold for £12.5m.

Professional recruitment agency Vanrath has purchased Victoria House in Belfast city centre from Aviva.

The acquisition of the 58,000 sq ft Grade A development on Gloucester Street is one of the most significant commercial property deals in the city this year.

Vanrath will occupy vacant space on the eighth floor of the building to drive forward its ambitious plans for expansion in the recruitment sector.

Tenant businesses include Arthur Cox Solicitors, Oracle, Zurich Insurance and Keenan Corporate Finance.

Wayne Sullivan and Neil McKibbin, owners of Vanrath, said they are delighted with their latest property acquisition.

In a statement, they added: “Victoria House is a strategic acquisition of a prime office building in Belfast city centre that complements our established and rapidly expanding recruitment business alongside our property portfolio interests.

“We are excited about moving the Vanrath business to Victoria House and providing the highest quality workspace for our consultants.”

Martin McCloy, director of capital markets at Lambert Smith Hampton, commented: “The market has been starved of stock in recent months, but this transaction shows that where there are willing buyers and willing sellers, deals can be done.”

Jonathan Elder, corporate banking manager at Danske Bank, which financed the acquisition, said: “It is great to see an ambitious company like Vanrath showing its confidence in the local economy.”