With the recent fall in the value of sterling against the euro, agent Lambert Smith Hampton is to pitch an office redevelopment opportunity at interested parties in the Republic.

The agency is seeking offers of more than £1,450,000 (€1,607,000) for Chancery House on Victoria Street in Belfast which dates from 1987 and is currently let to a firm of solicitors until 2020 at a rent of £95,000 per annum.

The planning permission provides for the demolition of the existing building and its replacement by a 23,000sq ft (21,367sq m) block with five full storeys and two set back storeys. The completed development will provide for retail space at ground floor with offices overhead.

Neil McShane of Lambert Smith Hampton said that following decades of rental stagnancy, the Belfast office market had experienced a significant rejuvenation.

Through the period of recession existing Grade A space was gradually absorbed, leading to the current chronic shortage.

He said the Victoria Street site offered investors a unique opportunity to tap into the demand that existed in Belfast city centre.