Work is continuing on plans to develop a new £26.5 million office development in Belfast.

Titanic Quarter Ltd and Belfast Harbour are progressing arrangements on the Olympic House scheme and construction is set to begin this autumn.

The scheme involves creating 148,000 sq ft of speculative office space in the Titanic Quarter of Belfast.

Named after RMS Titanic's sister ship, the dual-frontage Olympic House will incorporate two linked blocks of offices. The six- and seven-storey buildings will provide floor plates of 14,500 sq ft and 9,000 sq ft respectively.

Overall, the development will generate 1,500 new jobs and take 18 months to complete.

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Speaking at the international real estate conference MIPIM, James Eyre, Commercial Director of Titanic Quarter Ltd, said: "Olympic House will provide 148,000 sq ft of much needed Grade A office accommodation for growing local, national and International companies, and could help attract further Foreign Direct Investment. The quality of companies locating and growing in Belfast demonstrates the attractiveness of the city to companies seeking to locate and expand operations."

Roy Adair, Chief Executive Officer of Belfast Harbour, added: "The continued development of Titanic Quarter is a major opportunity to expand Belfast's global reputation as a location characterised by some of the best designed Grade A office space in Europe.

"Belfast Harbour and Titanic Quarter Ltd will co-develop Olympic House via a new joint venture. It's a partnership approach which marks the start of ambitious plans for the second phase of Titanic Quarter's ongoing development."

A total of £425m has been invested in the Titanic Quarter to date, with 1.5 million sq ft completed and a further three million sq ft with planning permission.

In addition, a new 120-bedroom 'Titanic Hotel Belfast' is to open this summer at the former Harland & Wolff headquarters building.

(LM/JP)