With Belfast City Council continuing to make strides towards the milestones set out in the Belfast Agenda — which includes growing the city’s population, increasing the number of jobs, and enhancing environmental sustainability — optimism remains strong around the city’s long-term vision to become a “city reimagined” by 2035.
The Belfast Telegraph Property Awards offer a timely opportunity to reflect on that progress and recognise the achievements of property professionals and businesses that have contributed to the development of the real estate landscape across NI over the last year.
Drew Nesbitt, commercial real estate partner at Wilson Nesbitt, says: “On the surface, Northern Ireland is thriving, and there is plenty to be positive about in the real estate sector.
“We’ve seen many exciting transactions within the last 24 months, including the purchase of Abbey Centre, Bloomfield and Forestside by a local investor — a clear sign that people see long-term value in the country’s commercial property — as well as the opening of the transport hub at Weavers Cross.
“We’ve also seen encouraging investment in social housing, with providers such as Radius Housing committing to create hundreds of new homes across the country within the next three years.
“We were pleased to recently act on behalf of Radius Housing in the facilitation of a £75m sustainability linked loan agreement with Danske Bank.”
Wilson Nesbitt
While it is an exciting time for the NI real estate sector, there are a number of issues which pose a challenge to continued development, Drew says.
“The major issue that is halting future development in NI is water. Lack of capacity in the sewage system means that securing a foul connection for new developments is difficult. Although there are consultations underway, until there is proper investment the pipeline for new residential and commercial space will continue to slow.”
Despite such challenges, Drew has strong hope for the NI property market. “There is a lot of be excited about in our real estate sector.
“We are continuing to see high-value developments and transactions take place, with luxury hotel development on the rise in Belfast and along the north coast, driven by increasing tourism and international sporting events like The Open.
“The strength of the market lies in its tight-knit development community.
“Because it’s a smaller jurisdiction, stakeholders tend to work collaboratively to make things happen when opportunities arise and it is this collaborative attitude that will help us to overcome the challenges and inspire innovation and progress within NI real estate going forward.”
Drew adds: “Good luck to all those entering the Belfast Telegraph Property Awards. We look forward to celebrating the successes of the many leaders that are shaping the future of real estate in Northern Ireland.”
To enter, go to belfasttelegraph.co.uk/propertyawards/enter