In a sign of a growing property boom, four consortiums will present their plans tomorrow for multi-million pound commercial and residential developments for Belfast city centre to Mr George Howarth, Minister for Environment in Northern Ireland.
The rival consortiums are: MEPC/John Laing, Dunloe Ewart, Land Securities/ Dera more Development, and the Dutch firm, Multi-Development Corporation.
The British government has indicated it will support one of the competing plans, which all include the right to develop Belfast city centre's next shopping centre.
Although no financial support will be provided for the development, government assistance is considered essential for the winning consortium to secure the necessary land through compulsory purchase order.
A spokesman for the Department of the Environment said yesterday that a final decision on the plans would probably be made by mid-June. However, he said much depended on the situation with the Executive in Northern Ireland.
The proposed development sites are in different parts of the city centre. MEPC/John Laing plan a joint venture for an extension of CastleCourt; Dunloe Ewart has a proposal for Cathedral Way in the Royal Avenue area; Dutch company Multi-Development Corporation plans a development in the Victoria Square area; and a joint venture between Deramore Developments and Land Securities is planned for the Fountain Street/Queen Street area. Originally, Dunloe Ewart was part of the CastleCourt consortium but the property company decided to pull out of that venture and concentrate on its own scheme.
A separate £30 million residential development scheme proposed by Cookstown-based McAleer & Rushe for the College Avenue East quarter is currently seeking planning approval.
Concerns were raised last week that this development would impinge on a sizeable part of the area earmarked by Land Securities and Deramore Property for its new shopping complex if it received planning approval.
A final decision on Belfast's retail future is long overdue and should be made a priority, according to Ms Criona Collins, retail surveyor, for estate agents Lambert Smith Hampton.
"The retail development in Belfast city centre is curtailed by the lack of capacity to accommodate developments by large retailers such as Tower Records or The Gap," she said. "Retailers just can't get 30,000 square foot sites."
Without a decision to go ahead with one of the four consortiums' plans Belfast won't grow, she added. These sentiments are mirrored by Mr Barry Gilligan, Northern Ireland director for Dunloe Ewart. The all-Ireland property company has pumped millions into its portfolio in Northern Ireland.
Dunloe Ewart has invested some £15 million sterling in its plan for the city-centre development which includes a 150,000 square foot department store, a museum, art gallery and 14 apartments. The final investment figure would run to more than £150 million.
"The Belfast market is yet to take off and there are opportunities," said Mr Gilligan. "There is significant retail demand out there."
Southern investors have fuelled the property boom in the North and the current strength of sterling has not scared them off, said Mr Gilligan.
