6th Dec 2019 in Business
THE firm which owns Belfast city centre shopping mecca CastleCourt is understood to be closing in on a deal for the Cathedral Quarter former war memorial building in Waring St.
The building was put on the market two months ago and has planning permission for a hotel development.
The Waring St area already boats several hotels including the five-star Merchant and a Premier Inn, along with the Ramada, Malmaison and several short stay apartment developments nearby.
All show high occupancy, reflecting the popularity of the Cathedral Quarter with visitors from home and further abroad.
Co Down firm Wirefox bought CastleCourt in 2017 for £125 million, and is understood to have put up a £3.7 million offer for the Waring St site.
The building sold for just £1 million four years ago but has lain unused for several years.
It is listed on the property agent’s website as ‘sale agreed’.
Holywood-based Wirefox also owns major office buildings in Belfast, the Victorian ‘flatiron’ building that is home to Bittles Bar next to Victoria Square.
It has also invested in two major office complexes in Glasgow, which total almost £85 million.