The BBC is this morning reporting that NAMA has sold an office building in central Belfast for GBP 3.1m (€3.8m). Killymeal House at 2 Cromac Quay in the city centre was developed by Peter Dolan’s Jermon Developments and is rented to the Industrial and Fair Tribunals service of the British government, on a lease with over 12 years remaining on an upwards only rent. The 25,000 sq ft property was sold to a Northern Ireland company -JM & JT Partnership – reportedly associated with Ansley Tolland of JP Corry building suppliers. At €150 psf, it is hardly the most expensive office building but it boasts a healthy and safe annual rent of GBP 275,321 (€341k) indicating a yield of 8.9%.
The building appears to be the one designated as being in “The Gasworks” in Belfast in the March 2012 NAMA Enforcement List which was being marketed for sale by Northern Ireland agent BTW Shiells and the receiver is shown as Keenan Corporate Finance. The brochure for the property is here. The BBC reports the sale was finalised in early May 2012.
NAMA last year sold a shopping centre in Scotland which had been developed by Jermon, led by the pharmacist-turned-developer county Tyrone-man, Peter Dolan. The property was sold for GBP 4.85m or GBP 40 psf. NAMA last year also sold Jermon’s Fanum House as a development opportunity for a reported GBP 4-5m which if confirmed would work out at around GBP 80 (€92) psf.
Remember you can see a list of media reported NAMA sales here.