Contact the Capital Investment team for more details about this opportunity

Opportunity Corporation Street and Tomb Street, Belfast

A substantial Belfast City Centre site with an opportunity for early participation in a variety of finance options, including equity share/traditional funding.

This project has an anticipated gross development value (GDV) of 65 million GBP.

Contact the Capital Investment team for more details about this opportunity.

Artist's impression of large residential and commercial building
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Location

Belfast City Centre

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Project promoter

McAleer and Rushe

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Scale

£65 million GDV

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Sector

Residential, Private rented sector

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Investment type

Equity investor/funder

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Planning status

Permission being sought for 349 bedroom PRS residential and commercial scheme over 9-19 levels

A map showing the locations of Belfast and Londonderry and the main transport links between the two cities

Project background

This is a substantial site which enjoys a great location within the city centre and caters for the emerging Private Rented Sector (PRS) in Northern Ireland.

Through its Regeneration and Investment Strategy, Belfast City Council has the aspiration of increasing the population of the City Centre. This is now a key objective of the Council which is also the local planning authority. Belfast City Council’s aspirations are clear in that by 2035 it proposes that an additional 70,000 new residents will live in Belfast.

As as an opportunity PRS is therefore full of potential in that well located developments are now starting to cater exclusively for the rental market. In the coming years, this sector will be instrumental in meeting housing need in Northern Ireland and as such offers an exciting investment proposition.

This project is ideal for the PRS market in that it is well located within the city centre and is of sufficient scale to appeal to this sector.

About the project

This project covers approximately a 1 acre plot in the Cathedral Quarter, a rejuvenated and vibrant area immediately north of Belfast City Centre, comprising numerous bars, restaurants and leisure amenities, together with residential and commercial developments.

Planning is sought for a 349 bedroom bespoke PRS residential scheme with ground floor commercial units. The scheme is designed around an attractive central landscaped courtyard which will comprise art installations, a striking lighting design and elements of greenery including water features.

The building will range in height from 9 to 19 levels, with a large landscaped residents’ roof terrace on the 13th floor and a Sky Lounge and Viewing Platform at the very top of the building which will enjoy far reaching views of Belfast and beyond.

Promoters and partnerships

McAleer and Rushe is an established construction, development and investment group covering the UK and Irish markets with over 50 years’ experience.

They currently have more than 20 live projects and a multi-profession in house team which delivers projects on time, on budget and to a high standard from inception to completion. Group turnover was approximately 400 million GBP during 2017 to 2019.

The company has a strong presence in Northern Ireland and has delivered many large scale commercial projects over the last 20 years. They have plans to deliver a number of other City Centre schemes which will provide an opportunity for strategic partnering. Together these projects represent a collective GDV of 215 million GBP.

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Find out more about McAleer & Rushe.