Construction on the project will start meaningfully until the 2024 financial year with completion estimated to be in the summer of 2026

Watkin Jones completes forward sale for Belfast BTR development



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.”

 



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