A £15 million, first of its kind Belfast rental development is set to be rubbed stamped by council planners this evening.
The city centre's first 'build to rent' accommodation is set for approval at tonight's Belfast City Council planning committee meeting.
The Academy Street development, being brought forward by joint venture Lacuna Watkin Jones is recommended for approval at tonight's meeting. The residential building comprises 90 one and two bed apartments and is set to add much-needed residential accommodation to the city centre.
If as expected the application is approved by the committee it would be the first so called ‘build to rent’ scheme in Belfast – a popular concept in other major UK and Irish cities.
The model sees apartments purpose-built for rental only, with ownership retained by the building owner. A management company then provides additional services such as 24/7 security, communal space and cafes for long-term tenancies.
The 16 storey landmark development has been designed by award winning architects Feilden Clegg Bradley, responsible for the nearby Ulster University campus. The new form of accommodation is designed to appeal to urban professionals, small families, corporate renters, visiting professionals and downsizers looking for quality and accessible accommodation designed around flexible city centre living.
If approved,construction on the new accommodation is expected to be complete by late 2020, creating 75 jobs during the process, including eight apprenticeships. Once operational the Academy Street building will create 15 full-time equivalent jobs, and £800,000 gross value added to the economy each year.
Anthony Best, director of Lacuna Developments believes the project has taken on new importance following the Primark fire at Bank Buildings on August 28.
"This project sends out an important message that Belfast’s city centre is still thriving and growing – and is transforming into a great place to work and live, taking full advantage of the city centre’s growing offer of cafés, restaurants and businesses," he said.
“We believe in the city’s ambition to secure global investment, grow and overcome setbacks. We have worked closely with the Belfast City Council to ensure a high quality scheme. A decision by the planning committee to endorse their officers recommendation is important, and would sending a clear message that Belfast is open for business for Build to Rent and committed to delivering city centre living."
“Our project supports the council’s ambitious growth agenda, particularly their plan for 8000 new homes in the city centre. As the first ‘Build to Rent’ accommodation in the city, Academy Street will generate a boost the city centre population regenerating a brownfield derelict site in a vibrant part of the Cathedral Quarter," Mr Best added.
The partnership between Welsh developer, Watkin Jones and Holywood-based firm, Lacuna Developments has delivered more than £120m of investment in the city in the past three years, including purpose built student accommodation at John Bell House, Botanic Studios, and the recently completed Queen Street former Athletic store building.
Meanwhile three large LED advertising signs, due to be placed on separate sections of road around the city, are recommended for refusal at tonight's committee meeting, with public safety concerns cited as a key factor. Exterion Media are behind the three signs, which are 11.2m high by 4.3m wide. They are proposed for sites at the Duncrue Street M2 offslip, land beside the Belfast City Airport footbridge and the M1 Northbound at Blacks Road.
