Dunloe Ewart, the property company, has announced a joint venture with John Laing Property and MEPC to create a £400 million mixed-use retail, leisure and residential development in central Belfast.
The companies will shortly be making detailed submissions to the Belfast Regeneration Office (BRO) which will include a timetable for the project, expected to be completed in four to five years' time. MEPC, which owns the Castlecourt shopping complex on Royal Avenue, had decided to go into partnership with John Laing, the centre's previous owners, in a bid to extend the complex, while Dunloe-Ewart was planning a major investment opposite Castlecourt.
The three companies decided to pool resources and build a 750,000 square feet complex which, if given the go-ahead by the BRO, would create 1,500 construction jobs and up to 2,000 permanent jobs on completion.
The development, located along Royal Avenue and North Street, is, however, competing against two other projects for BRO approval. Both Land Securities/Deramore Development and MDC are planning to construct similar-sized retail and leisure complexes nearby.
The BRO and its consultants will examine plans for the three proposed schemes in September, as well as assessing the demand for retail space in the city centre. It is expected the authority will only support one of the three projects.
Speaking at yesterday's launch, the chairman of Dunloe Ewart, Mr Noel Smyth, described the project as "one of Europe's most exciting city centre retail and leisure schemes".
The chairman of John Laing Property, Mr Derek Ardern, said he was "delighted to be associated with our partners and with the development". He added: "In 1990, we took the development risk at Castlecourt on our own. This tripartite venture has all the skills to provide for Belfast's needs into the 21st century."
Mr Ardern said the existing shopping centre would be a vital part of the new complex rather than being "dominated" by it. "Castlecourt has been very successful. It makes sense to build on success," he added.
The MEPC chief executive, Mr James Dundas, said his company was very aware of Belfast's commercial potential as well as of the demand for at least half a million square feet of new retail space. "By adding Dunloe Ewart's considerable local expertise to the success and potential we have at Castlecourt, we can create Ireland's leading retail centre," he said.
It is hoped the retail space will be taken up by department stores and chain outlets as well as independent retailers who have not so far been represented in the city centre.
Commenting on the scheme, the Belfast Chamber of Trade's chief executive, Mr Frank Caddy said he welcomed all projects which would lead to a regeneration of the city centre. "Since the 1994 cease-fires, we have seen 4.5 million square feet of out-of-town retail developments. It is absolutely vital not to allow town centres to die," he said.
If the Chamber of Trade got its wish, the BRO would endorse all three projects, Mr Caddy added.
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