UPDATE: EOIs sought for Irish residential PPP

Updated to include:

  • submission deadline
  • procurement timeline
  • project details

Belfast City Council has launched a tender to find a long-term partner for its £270 million ($328m) residential-led regeneration PPP project in the Belfast city centre.

The council is seeking expressions of interest (EOI) private investor/developer partner to bring the DBFM project to life – the preferred bidder must consider multiple existing strategic documents which will impact the project, including:

  • The Belfast Agenda
  • Belfast City Centre Regeneration and Investment Strategy
  • A Bolder Vision 

Although project details are still being finalised, IJGlobal has learnt that the procuring authority is looking at 4 key locations to launch the project:

  • Inner North West South – including Smithfield Market and Samuel Street:
    • 9,429 square metres
    • residential mixed-use scheme
    • circa 337 residential units
    • ground floor retail and community uses
    • redeveloped market area and market square
    • near Belfast Stories – an upcoming visitor attraction due to open in 2028 – Ulster University Belfast Campus, and Cathedral Gardens
  • lands at Exchange Street and Corporation Street:
    • 5,706 square metres
    • residential mixed-use scheme
    • circa 246 residential units
    • retail, commercial, and community areas
    • new public plaza
    • adjacent to purpose-built managed student accommodation (PBMSA) and Ulster University Belfast Campus
    • near to Belfast Harbour Estate and the Cathedral Quarter
  • lands at Ormeau Avenue:
    • 5,989 square metres
    • residential mixed-use scheme
    • circa 176 residential units
    • 2 ground-level car parks
    • retail, commercial, and community areas
    • redeveloped public square
    • near to several transport links
  • lands at Gloucester Street:
    • 1,416 square metres
    • residential mixed-use scheme
    • circa 98 residential units
    • ground floor commercial space
    • near to Belfast Rapid Transport route

The council estimates that these 4 developments could amount to a total of £270 million gross development value (GDV):

  • circa 857 residential units – £170 million
  • circa 24,155 square metres of commercial space – £100 million

The project will be developed in 2 phases:

  • Phase 1 – will bring forward a housing-led regeneration Development Brief for the Inner North West-Northern Cluster
  • Phase 2 – will involve strategically assessing the wider public sector asset and land base and bringing forward development propositions, mainly for housing-led regeneration schemes

The council prizes social values as a key component of the preferred bidder, and this will be a significant factor when the bids are assessed.

The city has a younger, more affluent population than the rest of the country – average wages are 9% higher than the national average and 32% of the population is 20-40 years old.

The private renting sector has also grown by 30% over the last decade and now accounts for 20% of the housing market in Belfast.

Belfast City Council is allowing 9 months for the tender process and a preferred bidder announcement is slated for Q1 2024.

Interested parties have until 31 May (2023) to submit EOIs to Belfast City Council.


  • Cushman & Wakefield  – asset management
  • Belfast City Council Real Estate – real estate

Asset SnapshotBelfast Residential Regeneration

GBP 270.00m (USD 328.01m)
Full Details

Transaction SnapshotBelfast Residential Regeneration PPP

$328.01m USD
Full Details