Major Ł300 Million Regeneration Scheme For Belfast City Centre Announced

28 March 2006
MAJOR Ł300 MILLION REGENERATION SCHEME FOR BELFAST CITY CENTRE ANNOUNCED
The North East Quarter of Belfast City Centre is to be the next area for major retail-led regeneration in the City.
The announcement was made today by Social Development Minister David Hanson. He said: "Following careful consideration of the proposals for the North East Quarter and the North West Quarter I have selected the North East Quarter as the next area for major retail-led regeneration in the City Centre based on proposals submitted by William Ewart Properties Ltd. Ewarts and their development partners are therefore preferred developer for the scheme which has the working title 'Royal Exchange'."
Ewart's envisage the scheme opening by 2011 subject to obtaining planning permission and meeting all other statutory requirements. Ewart's estimate that the scheme will provide 1,000 jobs during construction and 2,000 jobs in retail and leisure when completed.
Mr Hanson said: "The North East Quarter from Royal Avenue to Donegall Street has been characterized by blight and abandonment with historic buildings crumbling from neglect. An area that once contributed to the life of the City Centre has deteriorated in physical, social and economic terms.
"Ewart's development proposal for this area envisages a new beginning and a bright future with new shopping, city centre living, office space to attract creative industries and transformation of the Northern Bank at Four Corners as an arts venue. It's time to awaken the potential of these streets and buildings.
"Government has a straightforward role in all this: we have set the framework and context to encourage private investment. That is what we have done in Laganside and at Victoria Square and that is what we now propose to do at the heart of the City Centre."
Stating the way forward for the City Centre, the Minister said: "The selection of the North East Quarter as the next major regeneration scheme follows a detailed process of masterplanning for both the North East and North West Quarters. Each area has its own unique history, challenges and potential for growth and renewal. The development of these areas needs to complement Victoria Square by expanding the retail sector at a pace which maximises opportunity for investors and consumers. That is why we have prepared distinct masterplans for the North East and the North West Quarters and have decided to sequence further development in stages.
"Following the decision to move forward with development of the North East Quarter the North West Quarter Masterplan remains as my Department's vision for the site. DSD will give further consideration to the way forward for regeneration of the Area. This will initially involve taking soundings from Belfast City Council and all key stakeholders in the City Centre."
The Minister said that his announcement concluded the Department for Social Development's appraisal of proposals for two major retail-led regeneration schemes for the Castlecourt and Royal Avenue areas.
"Following the issuing of Development Briefs for the North East and North West Quarters in September 2005, DSD received responses from developers William Ewart Properties Ltd and their development partners, and Westfield Shoppingtowns Ltd. I wish to thank Ewarts and Westfield for their efforts and commitment to regenerating the City Centre", he said.
Acheson Elliott, Development Director of Ewart Properties said: "Having invested over Ł30m in this area over the last 10 years, it is fantastic news that we will now get government support to help deliver a comprehensive regeneration scheme for the North East Quarter. We've put together a local and international team that will deliver a very high quality Ł300m retail-led scheme that will provide a range of economic, social and cultural benefits to Belfast. We're very grateful to the range of stakeholders in the City that have supported our proposals and we're looking forward to getting started."
Ben Rainford, Managing Director of ING Real Estate Development UK, commented: "We are very pleased with the decision and looking forward to getting to work with Ewart Properties and partners Snoddons Construction on the Royal Exchange development. The proposals fit precisely into our company objectives of using our track-record and resources to bring forward and deliver major city centre regeneration projects.
"Royal Exchange will revitalise the area with a mix of complementary uses and public squares for the benefit of the whole of Belfast. The scheme importantly integrates the Cathedral Quarter and the other key parts of the city centre together into one linked and vibrant whole."
NOTES TO EDITORS:
1. The North East Quarter proposal seeks to develop a retail-led mixed use regeneration scheme which will include premium brand shopping, City Centre living and complementary amenities. The concept is based on the development of a new department store alongside two further anchor stores, new retail units targeted at high quality tenants and complementary restaurants, bars, cafes, 200 apartments and offices (at upper levels). A hotel is located between Lower North Street and Church Street and has frontages onto Lower North Street, Church Street and Writers Square.
A 700 space, two level basement level car park is located between Lower North Street and Donegall Street and provides a service area for the hotel, department store and other retail units. The car park is accessed and exited from Lower North Street. Cultural accommodation is proposed within the former Northern Bank building, which will incorporate a small theatre, studios, community art/gallery with a small amount of speciality retail. The total floor area of the scheme is 792,271 sq ft (73,604 sq m) which includes 417,611 sq ft (38,796 sq m) of retail.
2. In Autumn 2004 following appraisal of development proposals for the North East Quarter DSD announced that William Ewart Properties and their development partners Snoddens and ING, trading as Leaside Development Ltd, would be given first opportunity to respond to the future development brief for the Area.
3. In February 2005 DSD put forward for public consultation the proposal that Westfield Shoppingtowns Ltd, owners of Castlecourt, should be given first opportunity to respond to the future development brief for the North West Quarter. Following public consultation DSD confirmed in August 2005 that Westfield would be given first opportunity to respond to the future development brief for the Area.
4. DSD issued Development Briefs to Ewarts and Westfield in September 2005 with the stipulation that they respond with proposals within three months of receiving the briefs. Ewarts and Westfield have now brought forward detailed proposals for regeneration projects for the respective Areas.
5. Full details of the Ewarts and Westfield proposals are confidential due to the market and commercial information contained in the documents.
6. The selection of the NEQ proposal and Leaside as preferred developer is subject to the following conditions:

Leaside's proposal meeting all statutory requirements including obtaining planning permission and satisfying DSD's due diligence, Development Scheme and Vesting requirements; and,

negotiation with Leaside to achieve a Development Agreement deemed satisfactory to Government.
7. Further consideration will be given to the future nature and timing of comprehensive development of the NWQ although the vision for the site remains that approved in the NWQ Masterplan.
8. For media enquiries, please contact the Information Office on 028 90 829078.

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