The two developers of the Gasworks site close to Belfast city centre have signed up to a £22 million deal. The deal could eventually create thousands of jobs in one of the key locations in the £200 million Laganside redevelopment project.

The Laganside Corporation has already spent more than £8 million, with EU grant support, on the site installing the infrastructure for what will become a business park with shops and offices, restaurants and a hotel.

One of the developers is Cusp Limited, a Newtownabbey-based company which is engaged in building £20 million of office accommodation, including a state-of-the-art media production centre.

The chairman of Cusp, Mr Gerry Jennings, said that the 250,000 sq ft business park would occupy around 40 per cent of the 23 acre site. "There is demand for office space all over Belfast," he said. "We're currently doing some work at Clarendon Dock, and we have just let a 65,000 square-foot office block to a major company."

Cusp's other developments at Clarendon Dock include apartments, and a restaurant and bar complex. The first 30 apartments sold out last year at £100,000 each. The second phase was released recently, and 22 have already been presold at £125,000 each.

The other developer is Ormeau Enterprises, a crosscommunity enterprise board which is planning a £2 million enterprise centre. This will house a number of small workshops, and, it is hoped, it will provide employment for around 200 people.

Ormeau Enterprises chairman Mr Andrew Kerr said that he expected work to begin on the project by the summer. The Gasworks site is seen by the Laganside Corporation and Belfast City Council as a crucial part of the entire project. The corporation's chief executive, Mr Mike Smith, said that he hoped that a number of other key developments would be completed over the next few months, including an 80-bedroom hotel and the conversion of one of the existing buildings along the Ormeau Road into offices, shops, and restaurants.

One of the principal objectives of the Gasworks development was to provide jobs for local people. A "skills audit" is currently being carried out by Belfast City Council, which will offer a series of training packages designed to meet whatever skills shortages are identified.