Posted on Thursday 24 March 2016 by Ulster Business

Lagan homes to build 550 homes in bangor

Anne McSorley Senior Manager, First Trust Bank; Conor Mulligan, Managing Director of Lagan Homes (NI) Ltd; Azem Hanif, Head of Specialist Business at Danske Bank.

One of Northern Ireland’s biggest developers is to build 550 new houses in Bangor in a further sign of rejuvenation in the construction market.

Lagan Homes is investing £90m in the project at two sites in the County Down town and has been backed by both Dankse Bank and First Trust.

Construction of 200 houses  has already started at the first site at Lynn Hall Park next to the Rathgael Road while the firm is waiting for full planning permission for the second tranche of 350 houses at Helen’s Wood.

It expects to create 100 jobs during the construction process over the next 10 years.

Conor Mulligan, Managing Director of Lagan Homes (NI) Ltd, said a boost to demand for the “family” homes which the company is building has helped underpin the investment.

“The demand for quality affordable homes in Northern Ireland is high and we can see growing confidence in a more buoyant housing market,” he said. “These newly-acquired residential sites represent a return to spacious detached, semi-detached houses and townhouses designed for family living, and as a result, we are reducing the density on these two sites from the approved 1,200 (predominantly apartments) to 550 traditional family homes."

And the funders said they were excited by the project.

“The investment in developing these two sites is being made at a time when the economy is in a sustained period of recovery and when demand for family homes is increasing,” Azem Hanif, Head of Specialist Business at Danske Bank said. “At Danske Bank we can see that improvement in consumer confidence is having a positive effect on the housing market, whether for first time buyers or people moving house.”

Anne McSorley, Senior Manager at First Trust Bank, said the construction sector has received a boost from the news.

“In addition to providing much needed affordable family homes, the investment also represents a significant boost to the local construction sector and job creation,” she said. “Our involvement on this exciting project with Lagan Homes, and this important sector, is further evidence of First Trust Bank’s commitment to supporting growth in the local economy and local communities.”

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