Two residential development sites on the outskirts of Coleraine have recently been sold by leading commercial property agency Lisney.
This demonstrates the welcome return of interest in smaller sites across the province by local builders and development companies.
Somerset Crescent and Somerset Park, located close to Riverside Retail Park, account for more than three acres of land and have full planning permission for 37 residential units and expired planning for four residential units.
Located just over two miles outside Coleraine city centre, the anticipated new developments will provide an exciting opportunity for families looking for a new build home in a suburban location with all the benefits of the city just a few minutes’ drive away.
Lynn Taylor, photographed above, the Chartered Surveyor at Lisney who dealt with the two sales, commented:
“These smaller residential development sites were once the lifeblood of local developers, many of whom have had a turbulent journey over the last number of years. Now that funding is becoming more accessible it’s great to see parcels of land such as these, many of which were tied up in loan book sales, back on the market.
“These two sites generated a huge amount of interest from local purchasers and the amount of requirements for similar sites is definitely a sign that demand in this part of the market is returning.
“Somerset Park was the larger site of the two totalling almost 2.6 acres and was purchased by a local developer. It is expected that 37 residential units – a combination of detached, semi-detached and apartments - will be developed on this site, providing a great boost for the Coleraine housing market. Works are due to commence imminently.
“Somerset Crescent is located within Somerset Park and comprises two separate parcels of land, one of 0.11 acres with expired planning permission for one detached dwelling and the other of 0.37 acres with expired planning permission for three detached dwellings.
"Purchased by Portglenone based building contractors, PRH Construction, it is understood that building works will commence in the next few months.”