Build to rent proposal '˜an opportunity' for Belfast

Speaking as a planning application was lodged with the City Council for the project on Academy Street in the Cathedral Quarter, Anthony Best, director of Lacuna Developments said Belfast was well behind in adopting the concept.

“This is part of a UK regional trend in housing that is popular with young urban professionals and families who want to live in the city centre, corporate renters who require high quality accommodation for their staff, and downsizers who want services to be available within their home,” he said.

“It appeals to those who are increasingly choosing quality rented space over home-ownership. Those that want to live in quality accommodation in the heart of the city centre.”

Build to rent is a new form of accommodation where apartments are purpose built for rental only, but also include services through an on site management team.

If approved, the 19 storey development will comprise 105 one and two bed apartments and will be the first development of its type in Belfast.

That compares to Southampton - a city with around 100,000 fewer people that Belfast- where almost 400 schemes are completed or planned. Similarly Newcastle, with a population just 50,000 greater than Belfast’s 330,000 has 668 projects.

“The city is currently experiencing major growth and has it becomes a truly global competitor in a UK region with highest levels of foreign direct investment outside London,” said Mark Watkin Jones of Watkin Jones, a partner in the joint venure with Lacuna.

“It also has the highest percentage of young people living at home in the UK. Within the past four years Lacuna/ Watkin Jones have secured £120m of investment in Belfast through our four student accommodation developments, all are either currently completed, under construction or in planning. We see build to rent as the next natural step for us in Belfast.”