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.

Advisers:

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