ING Real Estate Development and Ewart Properties’ plans for the North East Quarter of Belfast City Centre will be the next area for major retail-led regeneration in the City, ahead of Westfield’s Castlecourt project.
Social Development Minister David Hanson 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’.”
The jv hopes to open the scheme by 2011 subject to obtaining planning permission and meeting all other statutory requirements.
Hanson said: “The North East Quarter from Royal Avenue to Donegal 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.
“The 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.”
Acheson Elliott, development director at Ewart Properties, said: “Having invested over £30m 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 £300m 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 Rain ford, managing director of ING Real Estate Development UK, added: “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.
“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.”
References: EGi News 28/03/06
