Over 700 homes to be built in Belfast city's Titantic Quarter which will help to address 'clear imbalance of supply and demand'

The project will comprise of 627 build-to-rent units and 151 affordable homes, with the development to be called ‘The Loft Lines’.

Planning permission was granted back in April this year, with Legal and General Investment Management (LGIM) and Clanmill Housing Association providing funding for developers Watkin Jones and Lacuna Developments.

Work is expected to start on the project ‘very shortly’ with a completion date set for 2026.

Homes will be made up of a mix of one, two and three-bed apartments, including resident facilities such as a gym, gardens and terraces.

It is hoped that the development will appeal to a diverse range of families, young professionals and older downsizers, with plans also including a public promenade and a park.

Mike Powell, Head of BTR Transactions, LGIM Real Assets said: “We are proud to be making the largest ever private sector investment into housing in Northern Ireland. A long-term investment that will allow for the continued regeneration of the Titanic Quarter and crucially support the growing housing demands of the city.”

One of the men behind the project insists the investment will net homes that would have otherwise not existed.

Dan Batteron, Head of Residential at LGIM, believes the new multi-million scheme will help to address a ‘regional housing crisis’ in Northern Ireland.

He said: “Building on the significant momentum behind our BTR platform and its recent investments across major UK cities, we are excited to be entering a new market in Belfast.

“This latest scheme, our first in Northern Ireland, is an important and significant step to help address an enduring regional housing crisis and clear imbalance of supply and demand. We believe greater investment in our regional cities, particularly to deliver new homes, is needed.

“The Build to Rent sector has an important role to play here, providing net-additional homes that wouldn’t otherwise exist. Our investment into this region demonstrates not only our confidence in the market but L&G’s continued commitment to level-up our towns and cities.

“Our continued focus on BTR investments is testament to the asset class’s resilience in the face of ongoing macro-economic pressures. It’s promising to see that investors continue to understand the value in tapping into the demand for high quality rental property, in a sector that has continued to see substantial and sustained growth.”

The Chief Executive of Belfast Harbour remarked that the project will ‘develop an iconic waterfront’ for the city.

“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,” Joe O’Neill added.

“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.”