UK developer looking to Belfast for further 'build to rent' projects
Quintain, the UK property development arm of opportunity fund Lone Star, has said it's considering Belfast and other cities on the island for its 'build-to-rent' plans.
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The major new player is about to enter the build-to-rent (BTR) market in Ireland and boost supply of residential rental accommodation.
It expects that a major portion of the 1,000 new homes which it will develop at the new Adamstown district centre in Co Dublin will be for the rental market.
Quintain has also looked at other possible build-to rent development opportunities in Dublin and hopes to engage with Nama on possible others.
While its current focus is on Dublin, its executive director of development, Jason Margrave, says Quintain may also consider other cities including Belfast, Cork, Limerick and Galway at a future stage.
Build-to-rent apartments are rental only, with secure long-term tenancies from a landlord who retains ownership.
Two such schemes have already been announced for Belfast. Holywood firm Lacuna and Welsh developer Watkin Jones has plans for a 19-storey block in the Cathedral Quarter.
And The Residence at Quay Gate is being planned for Scrabo Street south of the Lagan Bridge by Vinder Capital and Oisin Quinn of London-based Aldgate Developments.
Already Lone Star has partnered with Joe O'Reilly's Chartered Land developing houses for sale on one section of the Adamstown Strategic Development Zone (SDZ). Lone Star acquired 238 acres at the SDZ in its acquisition of part of the Project Clear loan portfolio.
Recently Quintain announced it will also work with Lone Star to advise on the design, planning and development of the new €200m Adamstown district centre.
The district centre will also include retail and childcare facilities, civic and pedestrian spaces.
Mr Margrave said it will undertake an analysis of supply and demand before deciding how much space will be devoted to retail, leisure, creche and other facilities.