Approval of the North West Regeneration Fund
Date published:
Communities Minister Gordon Lyons has announced the approval of the North West Regeneration Fund.
The purpose of the Fund is to utilise government loan funding for the regeneration of buildings within the Londonderry Historic City Conservation Area that the private sector has been unable to fund due to a lack of commercial viability.
The Fund will be delivered by a third sector partner, the Londonderry Inner City Trust, and makes available up to £10 million pounds of Financial Transaction Capital loan funding over the next five years.
Minister Lyons said:
“I am delighted to be able to announce the North West Regeneration Fund and in particular the partnership with the Londonderry Inner City Trust who have a considerable wealth of experience and expertise in regenerating the city. It is anticipated this new fund will make a significant contribution to the regeneration of strategic properties within the Historic City Conservation Area.
“This is an exciting time for the city, the introduction of this fund comes at a time of significant investment in the area, including the DfC funded Public Realm works adjacent to the historic walls of the City, investment from the City Deal, and the planned expansion of Magee university. In addition, my Department is working alongside the Western Health and Social Care Trust in relation to a planning application with aspirations to redevelop the Fort George site into a much needed health hub and mixed use development. All of these interventions are serving to enhance the city, making it more attractive for those who live there and those who choose to visit and stay there, providing a significant boost to the local economy.”
Archdeacon Robert Miller, Chair of Inner City Trust commented that:
“The approval of the North West Regeneration Fund is a transformative moment for our city. We are proud to partner with the Department for Communities to help unlock the potential of historic buildings that have long stood dormant. This investment will breathe new life into the heart of Derry, strengthening our heritage, supporting our economy, and ensuring our built environment serves the needs of future generations. Archdeacon Miller said he wished to express his heartfelt thanks to Minister Lyons, the team at the North West Development office and the Strategic Investment Board for making this innovative funding happen.”
Notes to editors:
- The North west Regeneration Fund is a pilot project intended to test the potential to use Government financial support to meet market failure and enable regeneration objectives to be realised. If successful in meeting its objectives in the Londonderry Historic City Conservation Area (the pilot area), it may be expanded upon or rolled out more widely across NI.
- There are a number of projects being considered by the Inner City Trust to work on alongside the Department as possibilities for use of the Fund, but no decisions on specific projects have been made at this time.
- Recent investment in the city by the Department for Communities includes the Inner Walled City Public Realm, £5 million; the redevelopment of Harbour Square, £1 million; the grant funding of the purchase of Austin’s by the Londonderry Inner City Trust, £1.2 million.
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