£19M regeneration fund to boost Belfast

£19M regeneration fund to boost Belfast

Belfast City Council has launched details of a regeneration fund worth £19 million for the city centre.

The strategy, published today, aims to increase the population of those in employment, the number of residents, maximise tourism, and better management of its retail offer.

The plan will also see the creation of a regional learning and innovation centre, as well as a green centre, accessible to cyclists and walkers.

The council said it had now established an £18.77m development fund, which will be used to kick-start projects in partnership with the private sector.

According to the report, independent retail has “an important role to play” in providing a unique retail offer to Belfast’s catchment area of 602,000 people.

It says a significant proportion (43 per cent) of the retail in Belfast city centre is made up of independents, which in recent years migrated away to some of the city’s arterial routes, most notably the Lisburn Road.

The plan states it will attempt to reduce the vacancy rate, enhance tenant mix, and renew redundant space.

However, there will not be significant net growth in retail floorspace over the strategy timeframe, with the exception of the North East Quarter.

“The stakeholders from across the city who were central in developing the strategy also have vital roles to play in delivering it,” the council said. “We will therefore continue to work in partnership on its implementation for the benefit of everyone in the city.”

The Northern Ireland Independent Retail Trade Association (NIIRTA) said it “strongly welcomed” the plans.

NIIRTA chief executive Glyn Roberts said: “A strong and vibrant Belfast city centre is of vital importance to the economy of Northern Ireland as a whole, sustaining thousands of retail and service sector jobs. The city centre has a 20 per cent vacancy rate which is nearly double the UK average and urgent action is needed to address this challenge”

“NIIRTA strongly supports this comprehensive and ambitious plan to create a 21st century city centre with its retail sector playing a leading role in its regeneration. Amongst the plans eight core objectives we are pleased that it clearly identifies the need for more independent retailers in the city centre, alongside a new car parking strategy, a unified ‘City App’, and greater connectivity with neighbourhoods across the city as a whole”

“We look forward to working with Belfast City Council in the implementation of this plan.”