The Belfast office of Hamilton Osborne King is quoting £4.2 million sterling for the former Arnott's department store building facing on to High Street and Bridge Street.

The building, which was bought by Northern Ireland Electricity almost 20 years ago, when Arnott's closed their Belfast operation, is on the edge of the city's Cathedral Quarter regeneration area.

It is also adjacent to the proposed £150 million (check) shopping centre development by Dunloe Ewart. Colin Mathewson, director of HOK in Belfast, said the sale price for Arnott House would give a net initial yield of 6.27 per cent rising to 7.75 per cent based on the quality of tenant, its landmark profile and proximity to the Cathedral Quarter. The owners also completed a £1 million refurbishment last year.