Land at Hope Street and Wellwood Street,

Belfast is the capital of Northern Ireland and the second largest city on the island of Ireland, with a population of c. 345,400 (2021 Census). It is one of Europe’s youngest urban centres with around 55% of its residents aged 39 years or below. Under its community plan, The Belfast Agenda, Belfast City Council has set ambitious targets to grow the city’s population by c. 66,000 new residents by 2035.

As the primary driver of regional productivity, Belfast has established a strong reputation as a hub for technology, financial services, and entrepreneurship. The city rose 16 places in the latest Global Start-up Ecosystem Index, placing it amongst the UK’s leading start-up locations. Its knowledge economy continues to expand rapidly, with particular strengths in fintech, cyber security, advanced manufacturing and life and health sciences.

Major corporates such as Citi, Allstate, PwC, KPMG, Baker McKenzie, Microsoft and FinTrU already have a substantial presence in Belfast, reflecting its attractiveness as a business location. This has been further underlined by Bank of America’s recent announcement of a significant expansion in the city, marking one of the most high-profile international investment commitments in recent years.

The development of innovation districts and technology parks is central to Belfast’s future growth. The Titanic Quarter, comprising a c. 185-acre waterfront regeneration scheme, is now one of Europe’s largest mixed-use projects and is home to a diverse range of businesses spanning financial services, media, technology, and advanced industries.

Belfast also benefits from a strong higher-education base, with Queen’s University Belfast and Ulster University together hosting c. 35,000 full-time students. The opening of Ulster University’s landmark York Street campus in time for the 2021/22 academic year has acted as a catalyst for significant levels of new purpose-built student accommodation being delivered across the city centre.

Connectivity is another of Belfast’s strengths. The city is served by two airports, Belfast City and Belfast International, which together provide extensive domestic and international links. In addition, the newly completed Grand Central Station provides a world-class integrated transport hub in the heart of the city, further enhancing accessibility and connectivity.

The ‘Belfast Local Development Plan – Plan Strategy 2035’ was formally adopted in May 2023 and is the first part of the development plan to be adopted. The Plan Strategy is the strategic policy framework for the plan area, which will guide future planning application decision making to support the sustainable spatial growth of Belfast up to 2035.

Until such time as the Local Policies Plan is brought forward and adopted as the final element of the new Plan Strategy (anticipated c.2027), a transitional period will operate. As such, the zonings and designations contained within the Belfast Urban Area Plan (BUAP) 2001 and Draft Belfast Metropolitan Area Plan (BMAP) 2015 are still a material consideration.

The property is located within the City Centre Limit as per the BUAP and BMAP. Within the BMAP policy map, the property is identified as unzoned ‘whiteland’.

Several historic planning applications have been approved at the property for various mixed-use schemes, as detailed within the table opposite.

The Housing Executive has already held a Pre-Application Discussion (PAD) process with Belfast City Council in relation to an indicative residential-led concept design for the property and have subsequently received a positive response. Further information on the indicative concept design and PAD response are included within the technical pack of information available for the property.

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The Belfast housing market continues to demonstrate robust momentum, although variations between different house types and persistent supply shortages are increasingly influencing both pricing and rental trends.

The latest House Price Index report for Q3 2025 indicates that the standardised house price for Belfast stands at c. £177,609, reflecting a significant c. 6.2% increase compared to the same period in 2024. Belfast is noted as being one of the few UK cities that has seen over 5% annual house-price growth, with average annual growth across the wider UK recorded at c. 2.6% in September 2025.

The significant undersupply of residential accommodation is apparent across the city and Belfast City Council is making a concerted effort to address this by targeting the delivery of c. 30,000 new homes by 2035, as detailed within its community plan, The Belfast Agenda.

Belfast City Council recently selected GRAHAM as its long-term development partner for a major residential-led regeneration programme to be delivered across multiple city centre sites that fall under its ownership. This initial partnership will deliver several hundred mixed-tenure homes to help meet the needs of those wishing to live in the city centre.

Unmet social housing need in Belfast continues to increase, with an estimated requirement for c. 8,961 additional residential units over the five-year period from 2024–2029. The property is situated within the City Centre Common Landlord Area, where social housing allocations will be drawn from a newly established city centre waiting list. The Housing Executive is currently assessing demand from prospective city centre applicants and initial indications suggest a positive response.

Belfast’s young population demographic and strong professional work force provides the perfect demand pool for build-to-rent accommodation and as Belfast City Council continues to push to attract a further 66,000 residents to the city by 2035, the demand for high-quality, professionally managed rental accommodation is only set to increase further.

According to recent data published by PropertyPal, average private rental prices for Belfast equated to c. £1,162 per month in Q4 2025, which reflects an annual increase of c. 5.4%.

Construction is currently underway on Northern Ireland’s first institutionally funded build-to-rent scheme at Loft Lines in Belfast’s Titanic Quarter area. The scheme is being delivered by developers Watkin Jones and Lacuna Developments and funded by Legal & General and, upon completion in 2026, will deliver 627 much needed private rental units alongside 151 affordable units, including 81 social, that will be managed by Clanmil Housing Association.

A project information document has been produced that sets out the Housing Executive’s indicative vision and objectives for the future development of the property, specifically in relation to the provision of a high-quality residential-led scheme comprising a mix of tenures.

The Project Information document includes an indicative concept design that has been shared with Belfast City Council as part of a Pre-Application Discussion (PAD) process and has subsequently received a positive response. The Project Information document is available for review upon request.

The Housing Executive is seeking to achieve the following five key objectives through the delivery of a residentialled mixed-tenure development at the property:

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The property is divided into multiple plots of land that are held by a mix of absolute freehold fee farm grant and long-leasehold titles.

A detailed report on title document is available within the technical pack of information available for the property with the exact locations of the above folios clearly highlighted.

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The Northern Ireland Housing Executive invites responses from potential developers who are interested in developing and delivering a high-quality residential-led regeneration scheme at the property.

Interested parties who wish to participate can do so through the eTendersNI portal https://etendersni.gov.uk. Interested parties must ensure that they are registered on the Central Digital Platform and the link below sets out how to register: Suppliers: How to register your organisation and first administrator on Find a Tender in three easy steps (HTML) – GOV.UK

The tender process will be conducted within the target timescales detailed opposite. Any queries relating to this procurement should be submitted by way of a clarification request via the eTendersNI portal (link above).

A technical pack of information has been put together for the property, providing planning, technical and legal related information. Once registration via the e-tenders link has been satisfactorily completed, interested parties will gain full access to all the relevant information available.

For further information:

David McNellis: 028 9050 1551 / 07887 911 077
dmcnellis@lisney-belfast.com

George Jolliffe: 028 9050 1501 / 07718 493 197
gjolliffe@lisney-belfast.com

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