Savills News

£13.7m for one of the largest residential development opportunities in Northern Ireland in recent years

A site measuring approx. 72-acres (29 hectares) in Newtownards, County Down, Northern Ireland, has been placed on the market for sale with a guide price of £13.7m.

A site measuring approx. 72-acres (29 hectares) in Newtownards, County Down, Northern Ireland, has been placed on the market for sale with a guide price of £13.7m.

Beverley Garden Village – described by international property advisor, Savills, as one of the largest residential development opportunities in Northern Ireland in recent years – extends to approx. 72 acres (29 hectares) of which approx. 57.5 acres (23 hectares) benefits from full planning permission for 498 units, comprising a mix of detached, semi-detached and apartment units.

Newtownards is a large town that lies at the northern tip of Strangford Lough, 10 miles east of Belfast. The site, which is located 1.3 miles north of Newtownards Town Centre, benefits from its proximity to the wide variety of local amenities, such as top ranked Schools, Ards Shopping Centre, Ards Community Hospital, Castlebawn Retail Park, as well as the local Golf, Sailing, Rugby and Cricket Clubs.

Commenting on the sale, Neal Morrison, Director, Savills Northern Ireland said:

“Ready-to-go residential development sites in Northern Ireland are a rare commodity – particularly of the scale on offer at Beverley Garden Village. The site’s proximity to Belfast – around 30 minutes by car – will undoubtedly serve as an attractive proposition to prospective homebuyers working in the capital. Therefore, we expect demand from both developers and investors throughout the sales process to be strong.”

According to the most recent NI Quarterly House Price Index (HPI) (Q2 – 2019), key performance indicators are showing a strong performing residential market. Between Q2 2018 and Q2 2019 the House Price Index increased by 3.5% (see Fig 1). The NI HPI is now 23.3% higher than in the first quarter of 2015.

Additionally, after Wales, Northern Ireland posted the highest annual house price growth in the UK.

Northern Ireland however, remains one of the most affordable regions in the UK, and with employment rates measured at a record high, and gross annual full time salaries continuing to grow, transactions remain buoyant.

“According to UK Finance, there were 2,440 new first-time buyer mortgages completed in Northern Ireland in the first quarter of 2019, this is an 11.4% increase compared to Q1 in 2018.”

Northern Ireland’s housing market is the most confident in the UK with five years of increasing prices with further growth predicted. (Royal Institution of Chartered Surveyors (RICS) and Ulster Bank Residential Market Survey).

To date the standardised home price in Northern Ireland is approximately £137,000 following 5 consecutive years of house price growth as the property market continues its recovery from the credit crisis in 2007-08.

International real estate advisor, Savills, has been instructed by the Dunlop Group to seek offers in excess of £13.7m for the site, reflecting a low price per acre of £190,000 or an attractive price per plot of £27,500.

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