£55m Investment in Student Accommodation

Leading property development company, Lotus Property, has lodged plans for a £55 million investment that will see the construction of 724 new student apartments close to Belfast City Centre.

The development, to be known as 140 Donegall Street, is located less than 150 metres from the new Ulster University campus building and within walking distance of key city centre amenities.

As well as apartments the ten-storey building will offer areas for socialising and resident break-out spaces, a gym and wellness suite, a cinema room and a theatre kitchen.

It is envisaged that up to 180 jobs will be created during the construction of the development and give a much-needed boost to the local economy following the fallout from the coronavirus pandemic and ongoing Brexit uncertainty.

Lotus Property is behind some of Northern Ireland’s most well-known shopping developments including ‘The Boulevard’ in Banbridge and ‘The Junction Retail and Leisure Park’ in Antrim.

The site, currently a car park, had previously received planning permission in 2017 and the amended plans will maintain the same footprint and mass of the building that had received permission.

Alastair Coulson, Managing Director of the Lotus Property said:

“We are delighted to be bringing forward this application for the development of much needed student accommodation in Belfast City Centre. The proposed building is ideally located close to the new Ulster University campus building and in close proximity to public transport links and the city centre.

“Despite the pandemic the demand for student accommodation in Belfast has been resilient and this proposal offers a fantastic investment opportunity. With such a vibrant and energetic student population in the city, 140 Donegall Street is the perfect location for students to live, study and socialise.

“With the new campus set to cater for 15,000 students, the demand for student housing in the city centre is also set to increase and we believe that this development is ideal to help meet that need.

“Belfast City Council has prioritised city centre living in their Belfast City Centre Regeneration and Investment Strategy with a view to growing the population of the city centre to 66,000 by 2035 and with two major universities in the city the student population will need catered for. The development at 140 Donegall Street offers a fantastic opportunity to help contribute towards this objective.

“These plans will see an investment of £55 million on this project which will create up to 180 jobs including training and apprenticeship opportunities.”

A Planning Application was lodged with Belfast City Council recently following a public consultation.