The £360 million project, which will create 2,000 construction jobs and 1,000 permanent jobs in retail and leisure, will take the regeneration of the city centre to the next level, complementing the Victoria Square development.
Margaret Ritchie said: “My Department has signed a Development Agreement with the developer consortium for this project, Royal Exchange (Belfast) Ltd, which sets out the legal and contractual context for the Department promoting the project. The Agreement provides, amongst other matters, that the developer must submit a planning application, approved by my Department, to the Department of the Environment’s Planning Service by 31 October 2010.
“My Department will now commence the preparation of preliminary plans for the promotion of a statutory Development Scheme for the Royal Exchange site in consultation with Belfast City Council. A statutory Development Scheme would determine the land uses for the proposed site and provide the basis for compulsory acquisition, should this be required in the public interest. The draft Development Scheme, and accompanying Strategic Environmental Assessment (SEA) and a draft Equality Impact Assessment (EQIA) are likely to be published for public consultation also in Autumn 2010.
“Setting out the timetable for submitting the planning application is an important stage in moving forward the next major retail-led regeneration project for Belfast city centre. This will ensure that Belfast is ready to move forward with the development of its retail offer, when the upturn in the market arrives, to maintain the City’s competitive position. Once the necessary planning approvals have been secured and other pre-conditions satisfied, my Department and the developer will make a judgement on when the market will be ready to move forward with the construction of the project.
“This major mixed use project will provide a private sector investment estimated at £360 million, 2,000 construction jobs and 1,000 permanent jobs in retail and leisure when completed. Key features include a department store, retail units, offices, restaurants, cafes, hotel, 700 car parking spaces and arts/cultural floor space. I am particularly pleased that 200 residential units will be provided including 20% for affordable housing.
“My Department is looking forward to working with Royal Exchange (Belfast Ltd) on this ambitious and exciting project which marks the start of what will be a decade of investment for the North of the city centre bringing jobs and more prosperity to Northern Ireland.”
Notes to editors:
1. The Royal Exchange developer is Royal Exchange Belfast Ltd a consortium comprised of William Ewart Properties Ltd, Snoddens Construction Limited and ING Real Estate Development UK Limited.
2. The Royal Exchange Regeneration Project comprises the following elements.
Commercial Units consisting of:
- at least one department store containing 8,300m2 of Gross Internal Area appropriate as a main Anchor Unit within a high quality regional shopping destination;
- a minimum of 25,369m2 of Gross Internal Area of retail Commercial Units within Class A1 providing a range and mix likely to satisfy demand from traditional, niche and also high quality retailers; and
- a minimum of 4,083m2 of Gross Internal Area of Commercial Units for catering and leisure uses; a minimum of 200 Residential Units, of which 40 Residential Units are to be allocated for affordable housing; for every 20 additional Residential Units above the minimum number, one is to be allocated for affordable housing.
3. Media enquiries to DSD Information Office on 028 9082 9078 or 07970 976894. Out of office hours please contact Duty Press Officer via pager number 07699 715440 and your call will be returned.
