CONSTRUCTION firm Lagan Homes (NI), which took a hammering during the property downturn, is back building - and how.
It has unveiled plans to build up 550 new family homes at two sites in Bangor by 2020 as part of a £90 million investment.
The scheme will be financed jointly by two of the north's main banks, Danske and First Trust.
And it will be Lagan's biggest home project since the recession, which wiped millions off the company's balance sheet.
Building has already begun at the Lynn Hall Park site on Bangor's Rathgael Road, which will see the development of more than 200 family dwellings made up of semi-detached, detached and town-houses.
The second site at Helen’s Wood is currently going through the pre-application community consultation process, and subject to successful planning permission, up to 350 new family homes will be built beginning early next year.
During the construction phase, the development of both sites is expected to create 100 jobs, and Lagan says it will use local suppliers to maximise economic benefits to the area.
Conor Mulligan, managing director of Lagan Homes (NI) Ltd, said: “We're delighted to be involved in the acquisition of these two fantastic development sites which are a major part of our planned expansion and investment in the Northern Ireland market.
“The demand for quality affordable homes is high and we can see growing confidence in a more buoyant housing market.”
He added: “These newly acquired residential sites represent a return to spacious homes 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."
Azem Hanif, head of specialist business at Danske Bank, said: “The investment in developing these two sites comes at a time when the economy is in a sustained period of recovery and when demand for family homes is increasing.
"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.”
And Anne McSorley, senior manager at First Trust Bank, added: “In addition to providing much-needed affordable family homes, this investment also represents a significant boost to the local construction sector and job creation.”
