Award sponsor TLT highlights demand for city centre homes
CITY centre living is in high demand says TLT, sponsor of the Residential Lettings Agency of the Year Award in the 2018 Belfast Telegraph Property Awards.
It has recently been revealed that, despite a number of market uncertainties, including the spectre of Brexit and the current impasse at Stormont, Northern Ireland is projected to experience the strongest house price growth in the UK over the next four years.
The average house price in Northern Ireland is set to rise from the current figure of £128,000 to £154,000 by 2020 according to the latest forecast from PwC.
Michael Wilson, an associate in law firm TLT’s real estate team, said: “This news comes at a time of rapid development in Belfast city centre.
“Construction continues on Ulster University’s new £250m city campus and this development has had a positive impact on the city centre more widely, with over 2,000 student accommodation units currently under construction or recently constructed and additional services needed to support these future occupants.
“However, an increasing shift towards city centre living is not
Opportunities: Michael Wilson
just limited to student accommodation.
“In the past 12 months, there have been a number of prominent residential development projects under construction in the heart of the city.”
On the Ormeau Road, Barnett Developments has commenced construction of an 88-unit apartment complex.
The significant interest in the scheme also points to the enormous demand for modern, central living space in prime locations and well-serviced areas in the city.
TLT has been delighted to advise Barnett Developments on all legal aspects of the site acquisition and the subsequent apartment sales.
Other prominent schemes within the city centre limits in- clude a 56-unit development in the east of the city and the construction of a 36-unit apartment block on Montgomery Street.
On the horizon, the first phase of a £400m regeneration project at the former Sirocco Works recently received planning approval from Belfast City Council planners with work expected to commence in early 2019.
While the first phase of the development will focus on the construction of 280,000 sq m of grade A office space, it is anticipated that the completed project will also feature residential accommodation with plans for a 400 apartment residential scheme.
Mr Wilson added: “It is abundantly clear that the demand for city centre living shows no sign of abating.
“This will create a lot more opportunities, and developers will need to continue to adapt to occupier demands and consider the implications of more people wanting to relocate to Belfast’s rejuvenated city centre.
“Once again, we are delighted to be sharing in the annual recognition of the outstanding individuals and organisations that have contributed to the market’s success.
“We wish all those nominated the best of luck and look forward to continuing to support this exciting sector in the years to come,” he added.