A new mix-tenure apartment development in East Belfast is set to begin construction later this year after a funding deal was secured in what is the largest private sector investment into housing in Northern Ireland.
The Loft Lines, a mixed use, mixed tenure development in the Titanic Quarter will consist of 627 'build to rent' (BTR) apartments and 151 social homes with a mix of 1,2 and 3 bedroom units alongside studio apartments.
The £155m investment by Legal & General and Clanmill Housing Association is part of a wider £175m development in the site and will see both take ownership of the apartments upon completion.
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Developed by Watkin Joes and Lacuna Developments, the project is also being supported by Belfast Harbour and Titanic Quarter Limited.
James Eyre, Commercial Director, Titanic Quarter Limited said: “It is very exciting to see The Loft Lines progress to construction phase, delivering Belfast’s first major Build to Rent, social and affordable residential project in Titanic Quarter.
"We are delighted to be working in partnership with Lacuna, Watkin Jones, Legal and General and Clanmil, playing our part in bringing the project to fruition.
"The Loft Lines is a super component of the continuing mixed-use regeneration of Titanic Quarter and supports Belfast’s growth ambitions set out in the Belfast Agenda.”
Joe O’Neill, Chief Executive, Belfast Harbour added: "We are pleased to see the continued positive progress of the ‘Loft Lines’ development working in partnership with Watkin Jones and Legal and General, supporting our ambition to develop an iconic waterfront for the city.
"The addition of Build to Rent and social/affordable residential with supporting commercial use and leisure activities will create an urban community on the water with the highest quality outdoor space and indoor accommodation.”
Within walking distance to the city centre, residents at the Loft Lines scheme are close to the range of amenities and leisure facilities Belfast has to offer.
They also benefit from good railway links to Dublin and Belfast City airport, which is under three miles away.
Alex Pease, Chief Investment Officer at Watkin Jones said that they are delighted to have secured the investment from Legal & General and Clanmill Housing.
"This is further evidence of the attractive investment and operational fundamentals of both Build to Rent as a sector and Belfast as a city and a good sign of capital markets re-opening," he said.
“Watkin Jones has a strong track record of developing large regeneration sites and we are delighted to bring the first Build to Rent scheme to the city of Belfast. Titanic Quarter will develop an area that is steeped in rich history, transforming this brownfield site into a thriving place to live and acting as a catalyst for wider regeneration.
“We are very pleased to continue investing to support Belfast’s ambitions. The development is being brought to fruition by a true partnership approach between all stakeholders and funders and we are grateful for the genuine collaboration we have experienced with our partners.
"The scheme offers excellent employment opportunities with growth across many industries in the city. Belfast offers a wide range of shops, bars, and restaurants along with a thriving arts and music scene, making it a truly fantastic place to both work and live.”
Anthony Best, Managing Director at Lacuna Developments added: "This is another significant step forward for city centre living in Belfast.
"For Lacuna to be involved in the first purpose-built student accommodation scheme in 2015 and now the first mixed tenure housing scheme in the city centre is very pleasing and shows our company’s commitment to Belfast, our home city.
"Loft Lines will deliver Build to Rent, affordable and social housing as well as large amounts of public realm and major green travel measures.
“The ambitions for Belfast city centre are huge but to be involved in Loft Lines, which will support the growth planned under the Belfast Agenda, is fantastic.
"The partnership approach by all stakeholders, Belfast City Council and L&G has been great to be part of and required a huge amount of work by all to reach this stage.
"We look forward to starting the project with Grahams very shortly in what will be a three-year project and will be a game changing regeneration scheme for Titanic Quarter and the wider city.”
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