Plans for up to 550 new family homes on two sites with £90 million investment announced
Lagan Homes (NI) Ltd has announced an investment for the building of around 550 new family homes, worth £90 million across two large sites in Bangor.
The investment, financed jointly by local banks Danske and First Trust, is for the construction of residential family homes at two sites on the Rathgael Road including major upgrading of the surrounding road infrastructure.
Building has already begun at the Lynn Hall Park site on the Rathgael Road which will see the development of more than 200 family dwellings with a split between semi-detached, detached and townhouses. The development is expected to be completed around 2020.
The second site, known as Helen’s Wood, is currently going through the pre-application community consultation process. Subject to successful planning permission up to 350 new family homes are expected to be constructed.
During the construction phase the development of both sites is expected to create 100 jobs for the next 10 years and Lagan Homes (NI) will use local suppliers to maximise economic benefits to the area.
Conor Mulligan, Managing Director of Lagan Homes (NI) Ltd, said:
“We are delighted to be involved in the acquisition of these two fantastic development sites which are a major part of our planned expansion and investment in the Northern Ireland market.”
“The demand for quality affordable homes in Northern Ireland is high and we can see growing confidence in a more buoyant housing market.”
“These newly acquired residential sites represent a return to spacious detached, semi-detached houses and townhouses designed for family living, and as a result, we are reducing the density on these two sites from the approved 1,200 (predominantly apartments) to 550 traditional family homes.”
“We are already on the ground on the first site and, subject to planning permission we hope to be breaking ground in early 2017 on the second site, Helen’s Wood.”
Azem Hanif, Head of Specialist Business at Danske Bank added:
“Danske Bank is proud to be supporting Lagan Homes with its ambitious plans. The investment in developing these two sites is being made at a time when the economy is in a sustained period of recovery and when demand for family homes is increasing. At Danske Bank we can see that improvement in consumer confidence is having a positive effect on the housing market, whether for first time buyers or people moving house. Danske Bank has maintained its support for the house building sector and we expect to be active during 2016 supporting experienced developers such as Lagan Homes as they seek to meet the need for new homes.”
Anne McSorley, Senior Manager at First Trust Bank added:
“At First Trust Bank we understand the increasing need for new housing development across Northern Ireland and are delighted to support Lagan Homes as they progress with these two landmark sites in Bangor. In addition to providing much needed affordable family homes, the investment also represents a significant boost to the local construction sector and job creation. Our involvement on this exciting project with Lagan Homes, and this important sector, is further evidence of First Trust Bank’s commitment to supporting growth in the local economy and local communities.”