Lacuna and partners lauded for Loft Lines deal

Property Deal Of The Year winner: Loft Lines – Titanic Quarter, Belfast (Lacuna Developments)

From left, Wilson Nesbitt real estate partner Drew Nesbitt, Anthony Best of Lacuna Developments, Mike Powell of Legal & General Investment Management and Alex Pease, CEO of Watkin Jones

Sponsor Wilson Nesbitt

thumbnail: From left, Wilson Nesbitt real estate partner Drew Nesbitt, Anthony Best of Lacuna Developments, Mike Powell of Legal & General Investment Management and Alex Pease, CEO of Watkin Jones
thumbnail: Sponsor Wilson Nesbitt

Lacuna Developments and partners were awarded Property Deal of the Year for the Loft Lines development, in a category sponsored by law firm Wilson Nesbitt.

The judges said that they had displayed “an unwavering commitment to succeed”, adding: “The winner demonstrated tenacity in bringing multiple interests together to overcome challenging financial, planning and build issues in delivering a successful deal.”

Established in 1991, Lacuna Developments is now one of Northern Ireland’s leading development and investment companies. The family-run company was first established by David Best, but is now run by his son, Anthony.

Lacuna currently holds 1,000 residential units either under construction or in application for planning in Belfast.

Sponsor Wilson Nesbitt

In June, Lacuna joined Watkin Jones, the UK’s leading developer and manager of residential for rent, to announce that it had exchanged contracts with L&G and Clanmil Housing Association to forward fund the Titanic Quarter development.

The agreed funds amount to around £155m of a wider £175m development, the first build to rent scheme in Northern Ireland, alongside the first mixed tenure affordable housing scheme.

Loft Lines will create 778 new waterfront homes, with 627 build to rent units and 151 affordable homes.

The development will help to further catalyse the regeneration of Queens Island, alongside helping to transform Belfast city centre living, bringing attractive residential homes to the area and a significant boost to the economy.