Assetz Capital funds £9m development finance deal.

The Belfast skyline will soon see a new building feature. The 84 unit serviced apartment development set over 9-storeys is underway, with contractors having broken ground on the site at Dublin Road, Belfast.

Following negotiations, the developer Z Property Group has confirmed that they have secured Sonder as the operator. Sonder are a NASDAQ listed global hospitality operator specialising in a variety of accommodation from hotel rooms to fully equipped suites and apartments.

Sonder are found in over 40 markets around the world and have recently announced a long-term partnership with Marriott International. With buildings already open in London, Dublin, Glasgow, and Edinburgh, this will be Sonder’s first entry into the Belfast market.

Z Property Group is to deliver the scheme, seeking to complete for Sonder and opening by Q4 2025.

The scheme has been funded by Assetz Capital who, following this £9m loan, have funded over £160m of development lending in Northern Ireland, predominantly in residentially focused assets.

Chief Commercial Officer Andrew Fraser commented, “We are delighted to continue with our support of further funding in this region with Z. The scheme has been expertly pulled together by the team alongside Sonder as end user. My special thanks to the Assetz Capital team central to the deal – Ciaran McGivern and Ricky Humphreys.

Scott Kennedy of Z Property Group added, “This is an exciting venture for Z. Dublin Road is in a prime location in Belfast’s University Quarter and we believe Sonder’s award-winning design credentials and reputation will complement the city’s thriving hospitality sector.”

Alix McAlinden, Sonder’s Director of Real Estate, said, “We’re excited to continue expanding our presence in the UK & Ireland in a vibrant new location with a well-established landlord partner. Belfast has become a globally recognised destination for food, culture, commerce, shopping, and the arts and is a perfect market for Sonder to continue redefining the guest experience through technology and design. We have been looking carefully for the right opportunity to open our first building in Belfast and we look forward to being part of this exciting and flourishing city.”   

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