Yes, the home is in the immediate vicinity. In google maps, cast your eye north of Regent Street and further north beyond West Street - the Shuttlefield area was situated within the rectangle delineated today by Robert Street, Thomas Street, Mark Street and Mary Street. As I understand it, Short Street (which still exists) connected Front Shuttlefield and Back Shuttlefield - Back Shuttlefield was in the area now occupied by Mark Mews, while Front Shuttlefield was what we would now recognise as Robert Street. From around the 1920s onwards, that area behind (north of) Robert Street was increasingly subsumed within the extensive factory premises of the Black family, who manufactured mens' socks there under the trade name of 'Blaxnit'.
Back in the 1800s, this area was one of the most populated hand loom weaving centres in Newtownards. The 1861 Ulster Street Directory listing for the town said:
The weaving of muslin employs a large number of the male population, and the embroidering of muslin, for the manufacturers of Belfast and Glasgow, a considerable number of females. The street directories of that era list several muslin manufacturers and agents in the town. An article in the Belfast Newsletter of January 1877 about the town's cotton handloom weaving trade mentioned that
...in Thomas Street, Shuttlefield, and James Street, there were sixty out of work... So I'm guessing that the area's association with handloom weaving is where the 'shuttle' bit of its name came from.
There is a photograph at the link below of the relative positions of Back Shuttlefield, Robert Street and Short Street (for bearings, note Strean Presbyterian Church on the corner of West Street and Mary Street in the foreground):
http://www.newtownardshistory.co.uk/robert-st.htmThe same website has more information about the Shuttlefield area (including maps) at the link below:
http://www.newtownardshistory.co.uk/shuttle-street.htm