16 May 2023
M7 signs two lettings at newly refurbished 20 Adelaide Street, Belfast
M7 Real Estate, the pan-European investor and asset manager, announces that it has signed two new lettings totalling 11,152 sq ft at 20 Adelaide Street, its Grade A office redevelopment in Belfast city centre’s Linen Quarter.
Treliant, the global financial services consultancy, Credit Union financial services software provider, Wellington IT, have both agreed 10 year leases respectively.
Having acquired 20 Adelaide Street on behalf of its value add strategy, M7 Real Estate Investment Partners III (“M7 REIP III”) in 2018, M7 has completed a major refurbishment of the building to modernise and improve the space, including the creation of a double height entrance foyer.
Comprising c. 20,000 sq ft across seven floors, the property is set in the heart of the business district and is located a short walk from Victoria Square, Belfast’s retailing hub.
James Smith, Senior Asset Manager at M7 Real Estate, commented: “20 Adelaide Street is a landmark project for M7 in the city of Belfast, where we have deployed our expertise in asset management to transform this largely vacant office building into much sought after, Grade A space for businesses in the city. Since re-launching the building, we’ve experienced strong demand and we are pleased to be welcoming Treliant and Wellington IT to the line-up of occupiers.”
Brendan Gorman, CFO, Capital Markets at Treliant, said: “Our relocation to 20 Adelaide Street is driven by our commitment to the well-being and growth of our team. Our new space will provide a collaborative and inspiring environment where our team can deliver excellence to our clients and drive innovation and development across our business. We look forward to welcoming our employees and clients to our new home.”
Wellington IT’s CEO Ian Glenn added: “We are thrilled to have moved into our new office space at 20 Adelaide Street. We have created a modern, flexible office space that supports collaborative working and believe that our new premises will act as a catalyst for future business growth and success and will help us in attracting and retaining a talented workforce.”
David Wright, Director at CBRE NI, said: “This development is one of the more high-end office development projects that has been brought to the market in the Linen Quarter in recent years.
“20 Adelaide Street has been a great addition to the office sector in Belfast and is providing high-quality Grade A office space in the city centre, particularly for the local SME sector. It is fantastic to see a building of this calibre getting close to full capacity.
“Sustainability, energy performance ratings and building amenities are now amongst the most important considerations for occupiers, and this building certainly meets the demand in all of these areas.”
Greg Henry, Director at McConnell Property, said: “We are delighted that Treliant and Wellington IT have joined the list of high-quality tenants at 20 Adelaide Street. The commercial property market in Northern Ireland continues to show its resilience and it is great to see the office sector in particular strengthen as workforces return to the office more – either part-time or full-time. There are also a number of new schemes which have recently completed or are nearing completion, and this should also provide a welcome boost to office take-up in 2023 and beyond.”
CBRE NI and McConnell Property are joint letting agents on the development.