Belfast Council to Scrap £245,000 Deal in Student Housing Project
Belfast Council is set to cancel a six-figure sum it was due to receive from a developer behind a £65m student housing project. The Council had agreed to do public realm construction connected to the scheme, with developers Elkstone Partners handing over £245,000 to cover the cost. However, officials now fear that might not be enough, and want to pull out of their end of the agreement.
Key Takeaways:
- The Belfast Council is considering abandoning its £245,000 deal with Elkstone Partners to cover public realm construction costs.
- The Council fears that the £245,000 might not be enough to cover the cost of the work.
- Officials now think Elkstone Partners should deliver the public realm construction directly, which would be "more straightforward and generally more favourable" than handing the Council £245,000.
- The student housing block, set to replace a disused 42,000 sq foot office building, will see 39 Corporation Street replaced with a 20-storey building.
- The developer, Elkstone Partners, plans to rent up to half of the 895 rooms out as short-term lets during non-peak periods.
- The Council's decision is set to come under review this week, with councillors voting on pulling out of the connected public realm work.
Statistics:
- £65m: The value of the student housing project.
- £245,000: The agreed amount Elkstone Partners was to hand over to the Council for public realm construction costs.
- 895: The number of rooms in the planned student housing block.
- 20: The number of storeys planned for the new building.
- 42,000 sq foot: The size of the disused office building set to be replaced.
Sources:
- "Council reports seen by the News Letter"
- News Letter article on the enrollment of the £65m student housing project.
- https://newletter.co.uk/