The development site measures approximately 0.06ha and is currently a 9 storey building known as Beaufort House. The current use of the property is for Class B1a Offices and was constructed between 1994 & 1996 and was occupied by the HM Revenue and Customs.

The original building was occupied by a series of restaurants during the 1930s and once was the site of the ‘Merrythought Café’. The site was demolished in the 1980s and was later developed into the current nine storey office building in 1996 by Beaufort Developments Ltd.

In February 2020, the building was acquired by Lotus Property. In November 2020, they submitted a planning application (LA04/2020/2606/F) seeking to replace the existing facade with a new modern facade, reconfigure the interal layout to provide open plan office space and extensions to the sixth, seventh and eighth floors. This application was approved in December 2021. Lotus Property renamed the development 'The Well' stating it would become 'Belfast’s healthiest office building'.

In August 2022, Lotus Property submitted a planning application (LA04/2022/1657/F) proposing change of use of Beaufort House from office to 113 no. bed Aparthotel, with coffee hatch & restaurant/bar on the ground floor. This application was approved in February 2023.