Legal & General has announced the funding of a £150m residential development in Belfast, Northern Ireland, committing to the largest residential investment in the region which will fund the development of 627 new homes.

The 627 homes form part of a residential development, known as Loft Lines, located within the Titanic Quarter in Belfast, on the banks of the River Lagan and by the Titanic Belfast Museum.

Dan Batterton, Head of Residential at Legal & General Investment Management Real Assets, said: “This latest scheme, our first in Northern Ireland, is an important and significant step to help address an enduring regional housing crisis and clear imbalance of supply and demand. The Build to Rent sector has an important role to play here, providing net-additional homes that wouldn’t otherwise exist. Our investment into this region demonstrates not only our confidence in the market but L&G’s continued commitment to level-up our towns and cities.

“It’s promising to see that investors continue to understand the value in tapping into the demand for high quality rental property, in a sector that has continued to see substantial and sustained growth.”

Upon completion the Build to Rent scheme will be made up of a mix of 1, 2 and 3-bed apartments, including resident facilities such as a gym, dedicated work from home space, podium gardens and terraces, and will include c. 11,000sqft of commercial space.

Loft Lines is set to transform the region’s city centre living offer as the first combined Build to Rent and mixed tenure affordable housing scheme in the region, Loft Lines will include an additional 151 affordable homes, funded and operated by Clanmil Housing Association. With a total of 778 new waterfront homes – comprising 627 BTR and 151 affordable homes – the Loft Lines scheme will repurpose the current brownfield site.

Loft Lines will be developed by Watkin Jones in partnership with Lacuna Developments, with completion expected in 2026.