Belfast PwC office block bought by Saudi investor for £87m

A Saudi Arabian investor has bought the new PricewaterhouseCoopers (PwC) office block in Belfast for £87m.

The development, Merchant Square, was sold by Oakland Holdings, a company controlled by Belfast businessman Gareth Graham.

It is believed to be the highest price paid for a single office investment in Northern Ireland.

PwC are due to start moving their staff into the city centre building in the summer.

The office space is let in its entirety to PwC until 2040 with break options in 2030 and 2035, and produces a total income of £4.86m per year.

Global investors

Once occupied, Merchant Square will be PwC's largest office outside London with up to 3,000 employees.

The deal is the first major property investment in Belfast by a Middle East company.

"We are proud to have created one of the biggest commercial property schemes in Northern Ireland," said Guy Hollis of Oakland Holdings.

"Five years ago, Merchant Square was a concept for a quality speculative building which reflected the demand for office space in Belfast.

"Now built and fully let, it has attracted interest from global investors. Merchant Square is an indication of what Belfast can achieve."