A new property development in east Belfast has secured in excess of £1million from Ulster Bank to support construction costs.
The development, Shandon Park Lane, is in a much sought-after area of east Belfast, backing onto Shandon Park Golf Club and within walking distance of Ballyhackamore, which topped The Sunday Times ‘Best Places to Live in Northern Ireland’ list earlier this year.
The £2million development features three exclusive detached properties, each on the market for £675,000.
Developed by Flynn Residential, each three-storey property benefits from a modern and high specification finish spread over 3,300 sq. ft. and featuring up to seven bedrooms.
The development is expected to complete this October.
“Demand is very high,” says Aidan Flynn, Managing Director at Flynn.
“We’re seeing increasing appetite for high-quality newbuild homes and that’s evidenced through the high volume of queries selling agent UPS is fielding and by the fact that one site has already been booked for purchase.”
He added: “In the early stages of this development we approached all of the main lenders with our proposals for the future of Shandon Park Lane. Ulster Bank were competitive and attentive and have shown their commitment by the level of support they’ve offered throughout the lifespan of the project.
“After construction had commenced we had the opportunity to acquire an additional plot of land to further increase the scope of the development and Ulster Bank was on hand to facilitate that purchase which has enhanced our original scheme.”
Gary Barr, Relationship Director, Commercial Real Estate at Ulster Bank, says: “Our work with Flynn is a new relationship here at Ulster Bank, one that we look forward to building upon with the firm’s development arm. At Ulster Bank we’re keen to support the development of quality homes for a range of markets, and Shandon Park Lane is the latest addition to the high-end property market which we’re pleased to have played our part in.”
Commenting on the state of the current construction industry in Northern Ireland, Aidan added: “House-building is a key driver of the construction sector in NI at present, accounting for a considerable proportion of output.” Looking ahead he says, “I can’t see any change in the level of demand for quality newbuild homes in the next five to ten years, but the desire for more economical homes will become an important part of the new home search for many.”
Flynn, a family-owned business based in Belfast, is a leading building and maintenance firm that over its 40-year history, has delivered quality newbuild and refurbishment projects to the health, education, housing, hospitality, commercial and retail sectors.