A prime office building on Strand Road in Derry has come to the market today, with offers expected in the region of £5.25m.
Timber Quay is fully let to a strong tenant line up which includes AXA, Fujitsu, Click Energy, Kainos and Invest NI with a total rent of £644,190 per annum.
The property is a modern Grade A office space designed for professional companies seeking highly quality office accommodation. The entire building extends to c. 57,000 sq ft with 100 on site car parking spaces.
It is currently owned by a Northern Irish property company.
Martin McCloy, director of capital markets at Lambert Smith Hampton, said:
“We are delighted to bring to the market what is one of the best office buildings in Derry and Timber Quay boasts an excellent tenant profile providing security of income.
“At an asking price of £5.25m this investment opportunity provides an above average return of 12 percent and we expect strong interest from private investors and property companies both locally and across the UK and Ireland.”
He added: “Derry is the main cultural and commercial hub for the north west of the country. The city has been riding high since it was awarded the status of UK Capital of Cultural in 2012 and has undergone an exciting period of regeneration adding to an already vibrant and growing economy.
“This area in particular is a popular business location.
The young and highly educated workforce has encouraged several companies to recently announce further expansion plans in the city including FinTru (600 jobs) and Alchemy (250 jobs). Having recently been encouraged to submit their bid for a ‘City Deal’, Derry is definitely on the rise.”
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