Northern Ireland property investment firm acquires three prime retail sites in Belfast for undisclosed sum

Alterity Investments has acquired three prominent sites in Belfast city centre which are home to some of the UK and Ireland’s best known retail brands.

The Belfast property investment firm has purchased the adjoining Mayfair Building, Arthur Chambers and State Buildings, listed buildings which have frontages on to Cornmarket / Arthur Square, Arthur Street and William Street South. The value of the transaction has not been disclosed.

The Mayfair Building comprises seven retail units and 22,234 sq ft of vacant upper floor accommodation, Arthur Chambers has three retail units and 4,352 sq ft of upper floor accommodation and the State Buildings has two retail units with 12,558 sq ft of upper floor grade A offices.

Retail tenants in the buildings include Hotel Chocolat, Jack Wills, Jigsaw, Molton Brown, Ernest Jones, Demalogica, Mint Velvet and Kiko. State Buildings also provides refurbished office accommodation, with one vacant floor available for immediate occupation.

Alterity plans to explore a range of options for the vacant upper floors of the State Buildings and Arthur Chambers, which require extensive refurbishment and renovation.

Richard Faloon, commercial director of Alterity Investments, said: “This is a strategic acquisition that perfectly complements Alterity’s existing holdings in Belfast and reaffirms our commitment to the city centre. We were attracted both by the location and the tenants in the buildings, many of which are brands we don’t have in our portfolio elsewhere in the UK.

“Through a range of investments in new developments such as The Keep and existing listed buildings such as those we are announcing today, Alterity is playing a key role in enhancing the retail and leisure offering of Belfast city centre.”

Mark Thallon, partner at TDK Property, who advised Alterity on the acquisition, added: “This is a fantastic acquisition for Alterity. These buildings occupy a prime location within Belfast City Centres main retail pitch, immediately adjacent to Victoria Square and the Keep, they already house some of the UKs best known retail brands. We look forward to working alongside Alterity on their exciting plans for the buildings, which will complement the existing tenants and Belfast’s position as a leading retail destination.”

Alterity Investments was formed in 1975 and is a family-owned property and investment company. Its properties are situated in prime locations across the UK, with its client portfolio including companies such as Joules, Waterstones, Lloyds Bank, Starbucks, Costa, Greggs and Cotswold.

Operating throughout the UK, Alterity has assets in excess of £100m spread across various sectors. The company is currently developing The Keep on Castle Lane and owns a number of other buildings in central Belfast.

The Keep project will see Alterity refurbish and reconfigure the 70,000 sq ft former British Home Stores building on Castle Lane, as part of a multimillion-pound investment that will provide a significant boost to the city centre. Footwear retailer Deichmann and clothing retailer H&M have been confirmed as new tenants in the building, which is scheduled to open early next year.