Developer Watkin Jones has announced the forward sale of Loft Lines in the Titanic Quarter in Belfast to L&G and Clanmil Housing Association.
The development funding comprises of 627 BTR units and 81 social rent affordable homes — located on the riverside on Queen’s Island in the centre of the Titanic Quarter.
The project aims to further catalyse the regeneration of Queens Island — alongside helping to transform Belfast city centre living — bringing residential homes to the area and a significant boost to the local economy.
Watkin Jones receive a total consideration of approximately £155m over the course of the development.
The scheme is scheduled for delivery in the summer of 2026 and is expected to bring a margin in line with current target returns.
Construction work on the development will not start meaningfully until the 2024 financial year — meaning profit contribution to the 2023 financial year will be restricted to a small financial gain on the land transaction.
Richard Simpson, CEO at Watkin Jones, 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.
“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.”
