High-rise development site on the market for over £3m
Plans are being prepared to increase number of apartments to 278 from the original 178
THE site of a major highrise residential development in Belfast has been listed for sale for £3.5m just as plans to extend the original development plan are revealed.
The site on east Belfast’s Dalton Street Owned by developer Patrick Kearney’s company Kilmona Property.
Plans for the construction of 178 apartments, a fitness suite and three retail units with car parking were given the green light by Belfast City Council in 2021.
But now plans are in the works to obtain permission to extend the project, bringing the number of total apartments to 278.
The original development was set to include a mix of one to three bedroom apartments
across two apartment blocks, one extending to 11 storeys with another extending to 17 storeys.
At the time that plans were given the go ahead, the 17 storey development was expected to top out at over 54 metres, making it one of the tallest residential buildings in Northern Ireland.
Plans were varied in 2022 after Planning Advice Note (PAN) for the demolition of the existing building and the construction of 206 apartments, a gym and three retail units was deemed acceptable.
According to the sale listing by CBRE NI, which was posted last week, the owners of the site are seeking to update plans for a third time.
A public information event is due to be held on April 25 at the City East Business Centre on the Newtownards Road.
With an original price tag of £14m, the cost of the updated development is now estimated at around £26m by research company Construction Information Services.
The new scheme will feature 115 one bedroom apartments of between 40 to 61 sq m, 154 two bedroom apartments of between 55 to 88 sq m and 11 three bedroom apartments of between 78 to 94 sq m.
The new plans will also include an external communal garden on the second floor.
A proposed 19-storey apartment building with rooftop café planned for Belfast’s Sailortown will be the tallest residential building when complete.
The new Loft Lines housing project in the Titanic Quarter will also bring three buildings ranging from 11 to 17 storeys to the Belfast skyline.
Lisa Mcateer, senior director at joint selling agent CBRE NI, said: “Mixed-use residential projects such as this one at Dalton Street further strengthen the commercial property market, offering investors and developers a fantastic opportunity to acquire a prime real estate venture.
“Conveniently located beside the M3 slip road at the Lagan Bridge, the inclusion of a gym and retail units will enhance the quality of living for residents while adding value to the overall development.
“With a focus on modern lifestyles and urban convenience, the Dalton Street offering caters for the diverse needs and preferences of today’s modern, discerning buyers.
“The Northern Ireland housing market is continuing to show resilience and stability, with significant growth in average apartment rents across the region.
“With Belfast City Council setting high targets for the number of residents living in the city by 2035, the demand for high-quality, professionally-managed rental accommodation will increase further.”