Belfast Telegraph

Go-ahead for multi-storey car park in city centre

By Michael McHugh

A new £20m multi-storey car park is to be built in Belfast city centre.

The development at McCausland's will contain 575 parking spaces and 7,000 square feet of office space.

The Northern Ireland Investment Fund said it will provide money on behalf of Stormont's Finance Department to promote the development. The loan meets the fund's infrastructure funding objectives and provides debt where the traditional market will not.

The construction of the car park aligns with the car parking strategy for the city.

The strategy is intended to release pressure from low density ground-floor car parks and complement the development of employment and hotel space underway in the city.

The £100m fund is managed by CBRE's investment advisory team.

It was launched last January to provide debt finance for real estate, regeneration, low carbon and infrastructure projects.

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A total of £28m of the initial £100m has been committed.

Sue Gray, permanent secretary at the Department of Finance, said: "I welcome the continuing growth of the fund as it continues to invest in the areas of regeneration, office and low carbon projects to deliver economic growth.

"It will play a significant role in supporting private sector investment in key areas of local development over the next decade."

Belfast Telegraph