Portland 88 consists of 88 new-build residential units (six duplexes, 63 two-bedroom, 16 one-bedroom, and three three-bedroom apartments) with a high-end specification, arranged over eight floors and with 51 under-croft car-parking spaces. The Property also benefits from a large double height entrance and a lobby with concierge.
The Property was developed by Barnett Developments, an established property developer, using outsourced construction and architectural services overseen by its in-house quantity surveyor. Construction was undertaken by Graham Construction, with whom Barnett has a long-standing relationship.
The Company
Portland 88 is situated in a prominent position in Belfast city centre. With no competing new build schemes in the local area and a growing population of young professionals, the city is undersupplied with good quality new-build residential housing.
Investment rationale
The investment holding period of c.12 months, with a target net IRR of 17%, proved extremely attractive to clients looking to invest in residential property.
Progress
The Loan investment was repaid in full with all interest due, with a return in line with the investment case.
Deal team lead
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