The Loft Lines, a joint venture between Lacuna Developments and Watkin Jones, is a mixed use, mixed tenure residential-led development located in the Titanic Quarter in Belfast of 627 build to rent (BTR) units and 81 social rent affordable homes.
The development is being built on what was part of Harland & Wolff’s Belfast shipyard.
Legal & General and Clanmil Housing Association have agreed to stump up £155m over the course of the development to take ownership on completion. It is part of a wider £175m development.
According to Legal & General, it is the largest ever private sector investment into housing in Northern Ireland. It will also be the first BTR scheme in Belfast and part of one of the largest waterfront regeneration sites in Europe, bringing residential homes to the area for the first time.
Watkin Jones said that construction work on the development would not start “meaningfully” until after the start of its next financial year, which means in October 2023 or later.
Watkin Jones chief executive Richard Simpson said: “This is further evidence of the attractive investment and operational fundamentals of both BTR as a sector and Belfast as a city and a good sign of capital markets re-opening.”
Mike Powell, head of BTR transactions at LGIM Real Assets (part of L&G), 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.”
James Eyre, commercial director of Titanic Quarter Ltd, 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.”
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