The Belfast city centre Obel property complex is set to receive a £2m investment from its owners, leading commercial property agent Lisney has announced.
The cash injection will involve a major upgrade of Ireland’s tallest building. Significant refurbishment works are set to be carried out to the common areas throughout the building.
As the appointed asset manager for the project, Lisney will oversee the programme of enhancement works which will lead to a limited number of apartments in the Donegall Quay development coming to market upon completion.
The commercial property agent is currently engaging with a range of local suppliers and contractors, with work already underway and expected to be completed before the end of 2016
Declan Flynn, Managing Director of Lisney Northern Ireland, commented:
“This multi-million pound investment not only represents the most positive development in the local property market for many years, but also provides a major boost to the Northern Ireland economy.
“The Obel building helped reshape the Belfast skyline when it was first launched and the forthcoming refurbishment works will help the complex fulfil its full potential, becoming the pinnacle of city centre living for Belfast’s young professionals.
“As the appointed asset manager for the project, we are already seeing very clear signs of the appetite which exists for living units at what is set to become one of the city’s most iconic buildings.
“Private tenant occupancy rates in Obel Tower have risen from 50% to 95% since we were appointed last year and we expect demand to escalate ahead of the refurbishments.”
The Obel is a 27-storey complex comprising of over 200 luxury apartments and 52,462 sq ft of grade A office accommodation, which is home to international law firm Allen & Overy and the Mount Charles-operated eaterie, Fed and Watered.
The Obel was first launched onto the market in 2005 when dozens of apartments were sold off-plan. Construction commenced in 2006 and was completed in 2011.
Ciaran O’Kane, Director of Property Management at Lisney, added:
“Lisney is delighted to be asset managing this milestone investment project which will provide a real vote of confidence and shot-in-the-arm for the local property sector.
“There’s no doubt the works which are set to take place will ensure the building will be of the highest possible specifications.
“The finish will equal that of any luxury apartment development across Europe and be a fitting home for young professionals from all sectors.”