Planning Approved on £500m Belfast Regeneration Project - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 23/01/2020

Planning Approved on £500m Belfast Regeneration Project

#Belfast

CNI Editor reports

A £500 million (€588 million) regeneration project that could transform a 12 acre site in the heart of Belfast has been granted planning permission by city officials despite major objections from campaigners.

London headquartered Castlebrooke Investments wants to redevelop an area bordering the Cathedral Quarter in Belfast and create a “new urban space that blends Belfast’s history with state of the art design”.

Castlebrooke Investments has said it intends to develop office, retail, hotel and residential projects on the 12 acre site which they have named Tribeca Belfast – a name which many Belfast city councillors had initially opposed.

The site itself has been the subject of a number of proposed, but never realised, projects for nearly two decades.

Portfolio

Castlebrooke Investments purchased the site from Cerberus, who had acquired in 2016 it as part of a portfolio of former non-performing Ulster Bank loans.

The London group claims its development project will “yield substantial economic benefits including the estimated creation of 1,600 new jobs on completion” for Belfast.

Neil Young, chief executive of Castlebrooke Investments, said:“This is the start of a major regeneration for a vital part of Belfast city centre and we are delighted that approval has been granted. It sends a clear message to other investors that the city is open for business.”

The London developer has also estimated that Tribeca Belfast will create around 60,000 sqm of “additional employment floorspace” in Belfast city centre and create up to 600 construction jobs each year during the construction phase.

REF: Irish Times