Investment firm Wirefox confirms acquisition of ‘35DP’ ahead of The Paper Exchange launch in early 2023

Leading investment and development company Wirefox has acquired 35-47 Donegall Place in Belfast city centre for an undisclosed sum.

The former bank building, known as 35DP, is a prominent five-story retail and Grade A office space, encompassing 80,000 sq ft, which fronts on to both Donegall Place and Fountain Street, and is located just seconds from Belfast City Hall.

Consisting of three retail units on the ground floor, including flagship store Boots which has occupied the building for 55 years, and four upper floors of distinctive, flexible and modern air-conditioned office accommodation, the property recently benefited from an extensive repositioning and refurbishment by GRAHAM Interior Fit-Out ahead of its sale.

Main tenant Boots signed a new 10-year lease for the building in 2020.

Welcoming the acquisition, Wirefoxinvestment director, Kathryn Robinson, said: “Our purchase of 35DP represents a significant vote of confidence in Belfast’s growing office market and in the demand for high quality professional office space. It also aligns with our mission to acquire prime commercial property assets in a strategic location which have an enduring appeal and demonstrate strong growth potential.”

Wirefox was advised throughout the acquisition of 35DP by leading local legal firm Davidson McDonnell and by ASM Accountants.

Gareth Howell, who was appointed property director at Wirefox earlier this year, continued: “The purchase of 35DP represents a superb opportunity to acquire a unique office proposition for Belfast which is underpinned by a longstanding and highly successful prime retail offering.

“It also demonstrates Wirefox’s confidence in Belfast’s enduring attraction for businesses and the level of occupier demand for ideally located, best-in-class office space which befits the needs of employers and employees alike.”

Wirefox said its ownership of 35DP will complement its new state-of-the-art Grade A professional office development known as The Paper Exchange on nearby Chichester Street.

Work started on the landmark 11-story 200,000 sq. ft building, which has been designed by Wirefox and TODD Architects, in February 2020 and is due to be completed early in the New Year. Around 150,000 sq. ft of the mixed-use scheme is office accommodation.

Gareth explained: “The introduction of 35DP and The Paper Exchange for 2023 into Wirefox’s office portfolio provides us with a unique representation in all office grades and size offerings within the local marketplace, with The Paper Exchange in particular providing larger format accommodation of approximately 17,000 sq. ft right in the heart of the city centre.

“These outstanding spaces offer potential occupiers a truly interesting blank canvas on which to come and express their brand and culture as they position themselves within the most central addresses available in Belfast.”

The revised plans to dramatically transform the Oxford and Gloucester buildings on Chichester Street to Grade A office accommodation were approved in November 2019. Around 100 jobs were created during the construction phase which was undertaken by local contractor Heron Bros. The Paper Exchange can accommodate up to 2,000 people.

Both 35DP and The Paper Exchange are being marketed for lease by Savills and Colliers International in Belfast.