New 19-storey Belfast apartment block will be rental only, developers annouce
A proposed new apartment complex soaring 19 storeys high in Belfast city centre will be available for rental only, developers said.
The £12 million investment on the site of a car park on Academy Street in the Cathedral Quarter will include communal spaces and cafes and will feature secure long-term tenancies.
Those behind the building scheme said millennials had been forced by high mortgage deposits to increasingly choose rented space over home ownership.
Anthony Best, director of Lacuna Developments, said: "We are looking forward to working again with Belfast city council to make sure this exciting and ground-breaking scheme happens for the city."
In rental-only arrangements ownership of individual units is retained by the building owner and typically a management company provides additional services to long-term tenants.
It is part of a global trend in housing that is popular with professionals under the age of 35, Mr Best added.
He said Belfast needed to encourage a resident population of young, skilled, and economically mobile professionals.
The city has some of the highest levels of foreign direct investment outside London and young people aged under 21 make up nearly a third of its population.
Mr Best said: "The legacy of the Troubles, however, has left the city centre with one of the lowest city centre populations in Europe.
"The council aims to increase the city's population to 70,000 people by 2035, but Belfast is competing to attract a workforce and it needs modern urban city centre accommodation to match."
The building is being designed by Feilden Clegg Bradley Studios the architects responsible for the nearby Ulster University campus expansion.