The Department for Social Development has announced it has agreed Heads of Terms with the developer for the proposed Royal Exchange retail-led regeneration development in the north east quarter of Belfast city centre.

Assembly Minister, Margaret Ritchie said terms were agreed to take forward the £360m Royal Exchange Development which aims to build on the success of the £1.4bn investment at Laganside and Victoria Square.

The next step is for DSD and the developer to finalise a development agreement by early-summer 2008 which will contract both parties to the promotion of the development. The development agreement will be subject to a number of conditions; including the developer satisfying DSD's due diligence, finalising the contents of its proposal and securing planning permission.

-- Advertisement --

Ms Ritchie added: "When the conditional agreement is signed, my Department will consider promoting a statutory Development Scheme for the North East Quarter which will go through a public participation process and, if adopted, will provide the land use framework for the area. Consideration will also be given, in due course, to the need to initiate the compulsory land acquisition to assemble the site.

"The importance of the regeneration of Belfast City Centre to the further development of the Northern Ireland economy is reflected in the strong support of my Department for Royal Exchange. This marks a further step in establishing Belfast as a major European regional city, providing retail, arts and leisure facilities that will attract more visitors, further develop the evening economy, provide city centre living, and take the City to the next level in its renewal."

The developer is aiming to open Royal Exchange by early 2013 and estimate that the Development will provide 1,000 jobs during construction and 2,000 jobs in retail and leisure when completed.

(JM)