North East Quarter, Royal Exchange, Belfast

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 by Northern Ireland’s Social Development Minister David Hanson MP. 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 ING Real Estate and its partners, William Ewart Properties Ltd and Snoddon’s Construction. This partnership is, therefore,the preferred developer for the project,which has the working title ‘Royal Exchange’." 

The Royal Exchange scheme is envisaged to be open by 2011 subject to obtaining full planning permission and meeting all other statutory requirements. It is estimated 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. 

"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. 

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. 

Ben Rainford, Managing Director of ING Real Estate Development UK, who will act as Development Managers for the Royal Exchange scheme, 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."

Acheson Elliott, Development Director of 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 have a strong 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."