One of the largest residential developments in Northern Ireland in recent years has been given the green light by planners.
The site for Beverley Garden Village in Newtownards has full planning permission for nearly 500 residential units and has been put on the market for sale with a guide price of £13.7m.
The residential development extends to approximately 72 acres (29 hectares) of which around 57.5 acres (23 hectares) benefits from full planning permission for 498 units, comprising a mix of detached, semi-detached and apartment units.
International real estate advisor, Savills, has been instructed by the Dunlop Group to seek offers in excess of £13.7m for the site, reflecting a low price per acre of £190,000 or an attractive price per plot of £27,500.
Commenting on the sale, Neal Morrison, director of Savills Northern Ireland, said: “Ready-to-go residential development sites in Northern Ireland are a rare commodity – particularly of the scale on offer at Beverley Garden Village.
“The site’s proximity to Belfast – around 30 minutes by car – will undoubtedly serve as an attractive proposition to prospective homebuyers working in the capital. Therefore, we expect demand from both developers and investors throughout the sales process to be strong.”
To date the standardised home price in NI is approximately £137,000 following five consecutive years of house price growth.
According to UK Finance, there were 2,440 new first-time buyer mortgages completed in Northern Ireland in the first quarter of 2019 – an 11.4% increase compared to Q1 in 2018.
In the most recent NI Quarterly House Price Index (Q2 – 2019), key performance indicators are showing a strong performing residential market.
Between Q2 2018 and Q2 2019 the House Price Index increased by 3.5%.
Additionally, after Wales, Northern Ireland posted the highest annual house price growth in the UK.
Northern Ireland, however, remains one of the most affordable regions in the UK, and with employment rates measured at a record high, and gross annual full time salaries continuing to grow, transactions remain buoyant.