31st March 2017
CPS PROPERTY TO MANAGE NEW £30M PROPERTY FUND FOR HOUSE BUILDERS
A new £30m property fund exclusive to Northern Ireland, has been launched to help bridge the liquidity gap that exists in the residential and development markets.
The Omega Capital Fund has appointed estate agents CPS Property to be there property consultants to assess proposals in conjunction with realistic market condition. CPS made the announcement at a breakfast celebrating the company’s 30th year in business.
CPS Property has six branches, including Belfast, Armagh, Dungannon, Enniskillen, Omagh and Monaghan. The firm works in rentals, sales (both residential and commercial), new developments, land & sites and also sells properties in Dubai, Cape Verde and Spain.
The Omega Capital Fund is a unique concept offering secured loans from £50,000 up to £2.5m and is backed by a group of institutional and Northern Ireland-based private investors.
Art O’Hagan, Managing Director of CPS Property, commented: “We are delighted to have been appointed as the delivery consultants for this new property fund, an exciting new venture for CPS. We’ll be client facing and will assess whether applicants are the right fit for funding. If CPS think they are suitable for investment, then we’ll guide them towards funding options and make a decision within 10 working days.
“Lending in the residential mortgage market reached £2.5bn last year, with remortgaging and first time buyers making up 60 percent. But there is also shortage of affordable housing is well documented in Northern Ireland and developers still struggle to access working capital. The Omega Capital Fund will help support these housing developers and we anticipate there to be strong demand for this much needed liquidity in the market.”
“Market demand is up 15 percent on last year but demand still outstrips supply. Over the next three to four years we anticipate the market will stabilise with the gap between supply and demand shrinking,” he added.
“We celebrated 30 years of business in February and the company is still going from strength to strength. We currently have six branches and continue to analyse market opportunities for further growth.”
CPS Property recently won the Residential Estate Agency of the Year - Multi Branch Award at the 2016 Belfast Telegraph Property Awards. The firm also won Build Magazine’s and the Corporate Live Awards Residential Estate Agency awards 2016.