A new joint venture company formed by international property advisers Richard Ellis Group and Dublin agents Gunne was officially launched in Belfast yesterday. More than 100 clients and guests attended the opening of the Richard Ellis Gunne office in Donegall Square West, which will provide development and investment advise in Northern Ireland. The company, which is run by Guy Hollis, has already completed the purchase of 35,000-square-foot Belfast office investment for a Dublin businessman. The £4.1 million deal will provide a yield of 8 per cent.

Pat Gunne said the Belfast operation would consolidate the agency's business relationship with Richard Ellis.

Guy Hollis said it was an excellent time to launch the joint venture because of the intense activity in the Belfast market and huge number of companies and private investors looking for investments.