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Go-Ahead Given for 800,000-sf Belfast Retail Scheme

LONDON-Northern Ireland's capital is to get a new flagship retail development following a green light from the province's Department of Social Development

By John Ryan | Updated on October 29, 2003

LONDON-Victoria Square, an 800,000 sf shopping and residential development in Belfast, looks on schedule to become a reality by 2007. Following the signing of a Development Agreement between The Department of Social Development (the Northern Irish body responsible for regeneration) and AM Development, as well as a Final Decision Statement from the former setting October 31 as the date on which land for the scheme will be vested, preliminary work is under way.

At the same time the financial safeguards have been put in place with German institutional investor, Commerz Grundbesitz Investmentgesellschaft, signing a funding agreement to forward purchase the scheme from AM.

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