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Jack Cooper
Jack Cooper
  • 1 Minute Read
  • 04th September 2013

Boost for Economy as Huge Belfast Offices Plans Submitted

Plans have been submitted to begin work on one of the largest and most expensive Belfast offices since the credit crunch of 2007.

The development, of approximately 190,000 sq ft, will cost an estimated £20 million to develop.

No tenants have signed up thus far, though if plans meet approval guidelines the project is due for completion by 2015.

The site, located beside Belfast Metropolitan College's Titanic Quarter, has stood empty since development halted in 2008.

The firm behind the development is optimistic for the spaces to be filled by hi-tech IT companies, providing for the cities financial services industry.

David Gavaghan, Titanic Quarter's CEO, said: "As we see the first tangible signs that we are moving out of one of the longest economic recessions in the last century, it is time to ensure that Belfast can continue to offer potential investors flexible, modern, high-end business accommodation."

"Titanic Quarter is confident that this new development will fill a clear gap in the market, enabling Belfast to meet the requirements of the global knowledge economy, as well as offering indigenous firms the opportunity to expand in a dynamic area which is already home to over 100 successful and innovative businesses."

David Wright, a director at commercial property agents CBRE, said the application was "a vote of confidence in Belfast".

"Whether for offices or industrial accommodation, there have not been any major planning applications in five or six years – nothing has been built. But this is a sign that people are starting to get geared up for the next cycle.

"It's also positive that somebody is targeting 2015 as a launch date as we are running out very, very quickly of good quality office accommodation.

"If another Allen & Overy or Chicago Mercantile Exchange was to come, it would be a struggle to get them the type of property they need. Much of the office accommodation which is available now is in the secondary market, which is not what they want as it doesn't meet modern standards."