Watkins Jones sells Belfast’s first build to let rental scheme to L&G

The Loft Lines development, which is located at the Titanic Quarter in the city, is the first build to rent scheme in Belfast.

It will comprise of 627 built-to-rent units, made up of a mix of 1, 2 and 3-bed apartments.

The development will also include 81 social rent affordable homes at the riverside community built on Queen’s Island.

Loft Lines will also have around 11,000 sq ft of commercial space, as well as a gym and dedicated work from home space.

The Belfast site was previously the location of the former Harland and Wolff shipyard.

Watkin Jones focuses on the development and management of build to rent properties, as well as student accommodation and affordable housing sectors.

The total consideration payable to the company from the sale will be around £155m (€180m).

The scheme is set to be completed in summer 2026, Watkin Jones said.

Construction on the residential development is not expected to commence until the company’s next financial year, which will begin in September this year.

The profit contribution from the Loft Lines development will be restricted to a small profit on the land transaction for the company’s current financial year, it said.

"We are delighted to have secured institutional investment from both L&G and Clanmil Housing Association for this landmark scheme in Belfast’s iconic Titanic Quarter,” 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,” he added.

According to Belfast Housing Land Summary, there have been just 363 rental homes completed in Belfast city centre since 2015.

"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,” L&G’s head of residential Dan Batterton said.