THE OBEL TOWER in Belfast, Ireland’s tallest building, has been taken over by administrators according to three appointment of administrator notices published today.

The notices were published on The Belfast Gazette website, which is the government publication in Northern Ireland for insolvency and company law.

According to the notices, administrators from KPMG have been appointed to Obel Ltd, Obel Offices Ltd and Donegall Quay Ltd, the three companies which control the 28-storey building after the companies applied for insolvency.

Financial accounts filed last year for Donegall Quay showed the company owed Bank of Scotland Ireland more than £51 million.

The sky scraper, located a Donegall Quay was built in 2005 and at a cost of £60 million. Measuring 85 metres in height, the tower has dominated the Belfast skyline ever since and remains Ireland’s tallest building.

182 apartments in the building were released in March 2005 priced from £100,000 to £475,000 and all were reserved off plan within 48 hours.

However most of the apartments in the building remain empty and the majority of space in the office block is let to the international law firm Allen & Overy, BBC reports.