Norwich Union House, Belfast, Northern Ireland
A chance to invest early in a 160,000 sq ft mixed-use, 7-storey building primarily for Grade A offices in Belfast. Full planning permission is already in place.
A variety of finance options are available including equity share or traditional funding.
Location:
Belfast
Investment type:
Capital investment - real estate
Sector:
(Greener buildings, Real estate, Offices)
Project promoter:
MRP
Scale:
£75 million GDV
Planning status:
Full planning consent
Time to Final Investment Decision (FID):
0-6 months
Sector and market opportunity
Well-known companies such as PwC and Deloitte have chosen Belfast as a regional hub for major talent. Belfast is already an attractive location, with a well-educated workforce and capable of attracting further major occupiers.
This opportunity can cater for such demand due to its core city centre location. Belfast also stands to benefit from £1 billion of investment flowing from the Belfast Regional City Deal projects, including ‘Belfast Stories’, a visitor hub in the city centre that will reflect the unique spirit of the city through a variety of media and immersive experiences.
Location
The project is situated within Belfast City Centre, an area that has numerous bars, restaurants and leisure amenities, as well as residential and commercial developments.
The site is also within easy walking distance of the £250 million expansion of Ulster University which will add about 18,000 students and staff to the city centre as well as the proposed £100 million ‘Belfast Stories’ City Deal visitor destination project, which is due to open in 2028.
Connectivity
This location enjoys excellent road, rail and air infrastructure right across the British Isles. It’s only a one-hour flight from London, under 2 hours from Dublin by car, as well as only a couple of minutes’ drive from both the M1 and M2 motorways.
Belfast has the highest availability of superfast broadband in the UK and the fastest direct broadband link from Europe to North America.
Local talent and skills
About 61% of all jobs in Northern Ireland are in Belfast. The country has a young and vibrant population, with 53% of the population aged under 40.
There are 2 world-leading universities in Belfast and over 73% of their research is deemed world leading or internationally excellent. Belfast also has 2 hospitals, each with considerable R&D opportunities.
These statistics demonstrate an attractive business environment which should provide demand for various sectors including Grade A offices, as well as a vibrant labour talent pool.
Already, over 70% of companies choose to reinvest in Northern Ireland and it is already home to more than 1,100 international investors, including Allstate, Citi, Seagate, Spirit Aerosystems, and FinTrU.
Region Spotlight
Northern Ireland
It is an integral, uniquely positioned part of the UK and is the ideal location to grow your company. Its combination of a business-friendly environment, highly skilled workforce, quality skills pipeline, excellent infrastructure, and unique market access offer a compelling proposition for your business. Over 1,300 international companies across a range of sectors are based in Northern Ireland (NISRA, 2023). The region has a long-standing history of international trade performance, hosts globally recognised universities and offers investors unfettered access to both the UK and European Union markets.
Further details
The scheme is centrally located in Belfast City Centre in an area undergoing significant regeneration and next to the main retail area of Donegal Place.
The development will act as a catalyst for the transformation of the area, providing over 160,000 sq. ft of Grade A office space across 6 upper floors whilst activating the street level with retail units and undercroft car parking. Designed for the modern occupier, the new build development will offer floorplates of up to 28,000 sq ft and generous terrace space with city views from the 5th floor.
Environmental, social and governance (ESG) highlights
The project has a number of ESG highlights including:
- a target BREEAM rating of excellent
- a target EPC rating of A
- 132 sheltered cycle storage to promote active travel
- provision of showers and lockers to encourage mental and physical well-being during working hours
- high efficiency LED lighting to include DALI dimming
- zero operational waste to landfill
Promoters and partnerships
MRP is a privately owned multi-award-winning investment and development company and is the property division of McAleer & Rushe which has operated throughout the UK & Ireland for in excess 50 years.
MRP focuses on the creation and management of ambitious and innovative schemes in high density, city centre locations, across their core sectors of office, hotel, residential, build to rent and student accommodation.
The company’s development portfolio has a total end value of around £1.5 billion of which around £350 million is currently under construction.
Local and national government support
The opportunity is closely aligned with local government policies such as the Programme for Government, The Belfast Agenda, and Belfast Region City Deal.
This opportunity is situated in an area of the city centre that will benefit from £350 million of additional investment, and which includes the new Ulster University campus.
