Belfast's tallest building repossessed

The tallest building in Belfast, the Obel, has to all intents and purposes been repossessed after administrators were appointed to the three companies that control it.

The Belfast commercial property consists of a 6-storey office block and a 28-storey residential complex and was jointly controlled by Obel Ltd, Obel Offices Ltd and Donegall Quay Ltd. The latter firm owes the Bank of Scotland Ireland (BoSI) over £50million as of 2011, when the company filed its last set of accounts. That bank has been shut down by Lloyds Banking Group, the parent company, and it is now attempting to wind down the debts that were on BoSI's books.

While the office block of the building has been is largely leased out to law firm Allen & Overy, many of the apartments as there has been little interest in them among Northern Ireland purchasers since the property crash.