A 72-acre development opportunity in Newtownards has come onto the market for £13.7m.
Beverley Garden Village has been described by international property advisor, Savills, as “one of the largest residential development opportunities in Northern Ireland in recent years”.
Full planning permission has been approved for 498 units, comprising a mix of detached, semi-detached and apartment units on 57.5 acres.
Neal Morrison, Director, 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 home buyers working in the capital. Therefore, we expect demand from both developers and investors throughout the sales process to be strong.”
According to the most recent NI Quarterly House Price Index (HPI) (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% (see Fig 1). The NI HPI is now 23.3% higher than in the first quarter of 2015.
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.
According to UK Finance, there were 2,440 new first-time buyer mortgages completed in Northern Ireland in the first quarter of 2019, this is an 11.4% increase compared to Q1 in 2018.