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Northern Ireland investment opportunities

Peace Bridge, Derry/Londonderry

great.gov.uk | Northern Ireland Investment Opportunities 3

Contents

5 Foreword by Secretary of State for International Trade

6 Introduction from Capital Investment Directorate for International Trade

10 Welcome to the Opportunity

12 Prime Location

15 Investment Opportunities

16 Follow the Success of Others

18 World Class Education

20 A Thriving Tourism and Leisure Sector


City Hall, Belfast


Foreword I am delighted to introduce an Investment Portfolio for Northern Ireland, which my Department has prepared in collaboration with Invest Northern Ireland and the Northern Ireland Strategic Investment Board. It showcases the exciting opportunities that Northern Ireland has to offer and projects that are ready for investment.

The UK is one of the leading destinations for investment into large-scale property projects. Previous government investment portfolios have proved powerful tools for sharing market-ready projects with the international investment community. This new Northern Ireland Portfolio will be no exception, showcasing commercially attractive opportunities in a region with a rich heritage of innovation and entrepreneurship.

The Investment Portfolio will help us to build on the great successes and obvious opportunities available in Northern Ireland. These already include Northern Ireland’s position as the World’s No 1 international investment location for US cyber security development projects and Belfast’s No 1 position for financial services technology development projects.

There are already over 900 international companies in Northern Ireland and its business friendly environment and top quality investment proposition has led to 75% of new investors choosing to reinvest. Expenditure on research and development are increasing, supported by the availability of superfast and ultrafast broadband with a 100 gigabyte per second telecoms link between Northern Ireland, Europe and North America. This vital infrastructure is one of the factors behind the phenomenal growth in knowledge industries within this region.

I am also delighted that Northern Ireland’s first new Enterprise Zone, Atlantic Link, supported by Secretary of State James Brokenshire, has been established in Coleraine with its anchor tenant, American firm 5Nines, investing £20 million to build a data centre.

Demographic and economic growth encourages investment and government is keen to play a role. In Northern Ireland this includes local councils having devolved planning powers which leads to even more certainty with planning applications for projects and continued support for infrastructure projects that are funded by the public sector. Northern Ireland offers a compelling investment proposition for investors seeking opportunities and one which is expected to strengthen further, especially should we see the future devolution and reduction of corporation tax rate to 12.5%, as we remain committed to working towards with a restored Executive.

The success of Northern Ireland is being driven by private sector investment with almost 7,000 jobs created in 2015-16 and we aim to accelerate that trend. This Portfolio is a vital part of that ambition. Northern Ireland is open for business as never before, and today’s investors are our newest partners in a long history of commerce and trade.

We invite you to be part of this success.

Rt Hon Dr Liam Fox MPSecretary of State for International Trade and President of the Board of Trade

6 great.gov.uk | Northern Ireland Investment Opportunities

DIT’s Capital Investment Directorate The Department for International Trade (DIT) secures UK and global prosperity by promoting and financing international trade and investment, and championing free trade.

We are an international economic department, responsible for:

• Bringing together policy, promotionand financial expertise to break downbarriers to trade and investment, andhelp businesses succeed.

• Delivering a new trade policy frameworkfor the UK as we leave the EU.

• P romoting British trade and investmentacross the world.

• B uilding the global appetite for Britishgoods and services.

The UK is a leading destination for international investment into property and infrastructure development and high-growth firms.

The UK government is committed to reinforcing this position and the DIT’s Capital Investment team lead on this agenda.

We have a strong track record, having attracted billions of pounds of foreign investment. We work closely with commercial and governmental organisations across the country to understand their priorities and how investable their offer is.

We promote opportunities across the UK, often contextualised in the qualities of places and regions. Demonstrating wider economic strengths underpins confidence in specific

investment opportunities and generates interest in places with compelling offers that international investors may be less familiar with. Matching investor priorities with the

characteristics of places and projects aids the development of valuable longer-term partnerships between investors, local institutions and businesses.

We also work with investors who have already identified investment opportunities to help navigate their journey, speeding investment and encouraging repeat business in the UK. Building these relationships offers opportunity to highlight the UK’s geographically and sectorally diverse range of investable opportunities to organisations who have successfully invested here.

We realise the value government can add to

the investment process, using its global network of international offices to manage relationships with institutional investors, large corporates, high wealth individuals and families, private sector agents and other governments.

DIT’s Capital Investment Directorate acts as a one-stop-shop in aligning international investors with a credible project pipeline, helping them understand the risks and returns. We can introduce interested international parties to UK companies with a wealth of sectoral expertise or to blue-chip domestic investors interested in co-funding models.


City Hall, Belfast

We work in the fields of

1 Large capital projects in property development and infrastructure.

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Attracting growth capital into high potential businesses, for example in the technology sectors.

Venture Capital, working to direct investment into high potential start-up companies.

Assisting entrepreneurs to move to places where they can benefit from the business networks and suitable economic environments.

We are able to offer expert advice, utilising a range of specialists in property development and finance, project finance, energy, transport, regulated assets, venture capital and entrepreneurship.

Our network of UK specialists includes representation in Northern Ireland, ensuring expert local insight into projects, local government and businesses can be quickly and

reliably provided. We work closely with our local partners, in particular Invest Northern Ireland and the Northern Ireland Strategic Investment Board who bring additional regional endorsement and local expertise to each project.

For further details or to arrange a meeting to discuss potential, please email: [email protected]

Laganside, Belfast

8

Waterfront Hall, Belfast

Welcome to the opportunityNorthern Ireland is an economy which has undergone a renaissance over the past 20 years. Regeneration is continuing, bringing with it many new opportunities for investors and developers.

Northern Ireland’s population of over 1.8 million is one of the youngest in Europe with 55% of residents under the age of 40. Northern Ireland’s education system is among the best performing in Europe with some 77% of high school graduates going on to further and higher education. Supporting these academic achievements are two universities with world leading capabilities, Queen’s University, Belfast, and Ulster University. Queen’s is now ranked in the top 1% of universities worldwide and is a member of the prestigious Russell Group of 24

research intensive universities. Ulster University is one of the top five in the UK for law and biomedical services.

Building on the region’s rich industrial heritage and skilled workforce, Northern Ireland’s economy continues to perform well in the current economic climate. For example, at 5.7%, the Northern Ireland unemployment rate is below the European Union rate (8.2%) and the Republic of Ireland rate (7.2%).


Diverse business economy

Some 75% of new investors reinvest in Northern Ireland across a wide range of business sectors. This diverse economy is reflected in the success stories below.

1. Derry/LondonderryA global leader in the fast growing data storage sector, Seagate has been operating in Springtown since 1993, where it now employs around 1,400 people. It makes it the city’s largest employer. In 2014, Seagate, which employs 50,000 people around the world, invested a further £34.7 million in its Springtown plant, from which the company develops and manufactures read-write heads for hard disk drives; one of only six manufacturing plants in the world producing this cutting-edge technology.

5. CraigavonAlmac is a world leader in a range of services for the pharmaceutical and biotech sectors employing 5,000 people world-wide.

2. BallymenaEstablished back in 1946, Wrightbus in Ballymena, has a global reputation in bus and coach manufacturing, employing more than 2,000 people as well as contributing to 500 supply chain jobs. The Group exports globally to markets including the UAE and Oman as well as supplying the hydrogen fuel cell zero emission busses to London.

3. BelfastThe location of the Centre for Secure Technologies (CSIT) – a leading UK centre for innovation and knowledge for cyber security – has led to a number of global business services brands locating their centres of excellence in Belfast. Over the past five years there have been 1,200 new cyber security related jobs, creating a new industry cluster in Belfast. The cluster includes: Black Duck Software Group, Rapid7, Proofpoint, RepKnight, Cyberlytic, Analytics Engines, TitanIC, Seven Technologies, Citi, CME Group, Allstate, Liberty, WhiteHat Security, PwC and Deloitte.

4. NewryNorbrook is a privately owned veterinary pharmaceutical company established in 1969 and head-quartered in Newry. It has a global presence exporting to 120 countries with 80% of its revenue now generated overseas.

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Property Development

Evidence of strong economic indicators is translating into attractive investment conditions for physical development with rental and capital increases in most property sectors. For example, Belfast is the third fastest growing office market in the world according to a recent CBRE research report.

At the start of 2017, there were 30 real estate schemes under construction or recently completed in Belfast alone, which included four new educational facilities, seven new student accommodation projects, six office developments and eight new hotels. This activity has been generated by multiple sectors, for example:

• Office activity for 2017 is on course to exceed the average take-up level over the last 10 years with Grade A space dominating activity. This activity has been partly driven by job creation in NorthernIreland, with some 7,000 jobs created in 2015-2016 alone.

• Global hotel brands are opening to capitalise on this sector’s buoyancy and facilitate cross border tourists. This confidence is also demonstrated by major local government commitments such as the90,000sqft extension to the Waterfront Hall Conference Centre in Belfast, which can now cater for some 5,000 delegates a day. Other exciting hotel and leisure opportunities are being generated in the North West of Northern Ireland, created in part by a fine golfing tradition and golf courses.

• Student housing demand in Belfast is currently being stimulated by on-going campus developmentby all three Northern Ireland universities. By 2019 all of Northern Ireland’s higher education institutions will have a campus within three miles of the city centre.

Northern Ireland’s excellent business credentials are supported by strong and resilient infrastructure including the highest availability of super-fast broadband in the UK with a 100 gigabyte per second telecoms link between Northern Ireland, Europe and North America. There are good direct air linkages to the UK, Europe and the United States. Belfast is only one hour from London by air and two hours from Dublin by rail and road.

Northern Ireland offers a compelling investment proposition for investors seeking opportunities, and one which is expected to strengthen further, especially should we see the future devolution and reduction of corporation tax rate to 12.5%, as we remain committed to working towards with a restored Executive.


Belfast City Centre


Location, location, location!

Daily flights to UK and European destinations and

direct flights to the USA

Under two hours by road or rail from Belfast to Dublin, the

capital of the Republic of Ireland

100 gigabyte per second telecoms link between Northern Ireland,

Europe and North America

The highest availability of superfast broadband and 4G

download speeds in the UK


Population of over 1.8 million

55% of the population is under 40 years old

Capital city – Belfast, population of c.340,000 and c.670,000 in the wider metropolitan area

Second city – Derry/Londonderry with a catchment population of c.300,000

Strong tourist offer including: stunning scenery, a rich wealth of heritage attractions, and world class golfing


Laganside, Belfast


Investment opportunities Your timing is perfect

Growth is evident in many property development sectors as set out below along with 30 real estate schemes currently underway in Belfast alone, comprising both public and private investment.

OfficesTop end office lettings in Belfast increased by 40% during 2016. Some 40,400sqm of office space was rented during the course of 2016 – up 36% over five years. A further 53,300sqm of new office space will be completed by 2018. The current annual demand for Grade A offices is expected to substantially increase, especially should we see the future devolution and reduction of corporation tax rate to 12.5%, as we remain committed to working towards with a restored Executive. Rising rentals mean that there are opportunities for developers to bring forward schemes in this sector.

Belfast already holds a very competitive position globally in this sector and is ranked third in the world as a high growth location.

Housing and mixed-useThe £250 million expansion of Ulster University in Belfast city centre will bring 18,000 students and staff into the city each day, stimulating further opportunity for mixed-use developments. Research shows that, compared to other UK university cities Belfast has a high ratio (12:1) of students to available student housing indicating huge potential for this sector. A major planned £450 million mixed-use development in Belfast City Centre is underpinned by a new transport hub at the main train station.

LeisureA world-leading and growing tourism sector has fuelled demand for new and innovative property development schemes across Northern Ireland. These include leading brand and boutique hotels and other leisure schemes. The ambition is to double the size of the tourism sector to a £1 billion industry by 2020, creating further development opportunities.

Investment SupportTransparent regulatory systems covering both planning and land use, help to support investments and are implemented by a network of local government councils. Since April 2015 responsibility for planning approvals has devolved to Northern Ireland’s 11 councils, meaning that decisions are taken at a local level and can be progressed faster than was previously the case.

A strong network of international property related professional services companies exist with local market experience. This includes all major legal and accountancy practices, commercial property agents, architects and town planners, who can assist evaluation and decision making.

The combination of strong market fundamentals and growing demand, presents a series of opportunities for investors across a range of property development sectors.

16 great.gov.uk | Northern Ireland Investment Opportunities great.gov.uk | Northern Ireland Investment Opportunities

Follow the success of othersIn 2016-17, Northern Ireland welcomed 22 new investors, bringing the total to 87 over the past five years.

The region has already enjoyed huge success in attracting investors from sectors including financial services, technology, legal services and business services. One in 11 people in Northern Ireland is employed in the knowledge economy.

The region is the number one global location for US cyber security development projects and is home to the UK’s national innovation and knowledge centre for cyber security, Centre for Secure IT (CSIT), based at Queen’s University Belfast.

Northern Ireland is also one of the eight designated UK centres of excellence for financial services. These centres of excellence, coupled with a young, talented and highly educated workforce, have resulted in a cluster of international companies including Citi, the Allstate Corporation and Liberty Mutual, all choosing to locate operations in Northern Ireland, with many making repeated investments.

Belfast is also the number one destination city globally for financial services technology development projects supported by skills capacity, with over 70% of IT professionals in Northern Ireland holding a degree – the highest percentage in the UK.


This has also contributed to the region emerging as a legal tech centre with the UK’s first Legal Innovation Centre recently opening at Ulster University. Global legal firms and companies are implementing industry cutting-edge work. For example, Allen & Overy’s global IT hub is located in Belfast and Baker McKenzie’s Global Merger Analysis Platform – a new antitrust and merger data control tool – is delivered from Belfast and used by the firm’s team of anti-trust and competition lawyers world-wide.

Axiom’s Belfast Centre of Excellence leverages the company’s IRIS™ technology to deliver commercial, derivatives and regulatory projects for Fortune 500 clients, while Herbert Smith Freehills’ tech-enabled Belfast operation is the central pillar in the firm’s global alternative legal services offer.

Northern Ireland also has a vibrant advanced manufacturing and engineering sector. The region has a depth of expertise across several sectors including aerospace, automotive, materials handling and life and health sciences. International companies operating in the region include Bombardier, Caterpillar, Linamar, Rockwell Collins, Seagate, Sensata, Terex and Terumo.

Belfast City Hall at Night

Underpinned by a world class education system Northern Ireland’s education system is considered one of the best in Europe and consistently outperforms all other UK regions at GCSE and A-level qualifications (high school leaving equivalent).

Investor engagement has shown that cities with highly-skilled workers attract interest. These places are able to attract productive, well-paid jobs in innovative, knowledge based industries. A well educated workforce is also more resilient to economic changes and has greater spending power and therefore a greater appetite for investment, than a low-skilled workforce.

Northern Ireland has a strong education and skills offer with Belfast’s two world ranked universities, Queen’s University Belfast and Ulster University, and a strong regional network of colleges providing professional and technical programmes.

45,000 students at Queen’s University Belfastand Ulster University.

Queen’s ranked in the top 1% of universities worldwide.

top 150 new universitiesUlster University is in the in the world.

More than 70% of university research is world-leading or internationally excellent.

8,500 people graduate annually with business related degrees.



Queen’s University Belfast is over 100 years old and is a member of the prestigious Russell Group of 24 leading UK research-intensive universities. It currently has plans to invest £223 million in its capital programme.

With four campuses, Ulster University caters for nearly 27,000 students. This includes one of the largest provisions in computing in the UK and Ireland. The university is currently investing £250 million on a new state-of-the-art city centre campus in Belfast.

Both universities are highly regarded as research institutes and are focused on the commercial exploitation of research and development. They have been key drivers in the development of the region’s technology and knowledge industries, offering direct investment opportunities.

Ulster University


Huge potential for an already thriving tourism and leisure sector Exceptional visitor attractions, historic landmarks, a world renowned beautiful landscape, and market dynamics make for exciting potential and great opportunities within this sector.

Visitor numbers continue to rise with numbers up to 4.6 million in the year to September 2016. Visitors have also been staying longer and spending more as they are drawn to the Giants Causeway Coast, as well as visiting the locations made famous by HBO’s epic fantasy series Game of Thrones® which has been filmed largely in Northern Ireland since its pilot in 2010.

Voted as the World’s Leading Visitor Attraction, Titanic Belfast is the world’s largest Titanic visitor experience and is located on the very spot where the famous ship was designed and launched. Since opening in April 2012, more than 3.5 million visitors from over 145 countries have visited the attraction.

This renaissance has given further confidence to investors with a total of 27 hotel development schemes in Belfast alone in the last 12 months with over 3,800 rooms either on-site, planning granted, planning submitted or in pre-planning.

There are numerous other hotel and leisure opportunities throughout Northern Ireland, directly attributable to the growth potential and confidence in this sector. These and other development opportunities in this investment area contribute to the ambition to double the size of the tourism sector by 2020 and create a £1 billion industry.


Cruise Ship Belfast

Giants Causeway Co Antrim Titanic, Belfast

© Game of Thrones

Our thriving tourism industry has resulted in a

leisure sector with massive ambition


5 reasons to invest in Northern Ireland

1. Attractive market conditions

2. Growing demand and growthpotential

3. A r ange of multi-sector and variedopportunities available

4. Strong network of relatedprofessional advisors with localknowledge

5. T ransparent regulatory andgovernance systems

Discover how to invest in the UK’s best kept secret

Lough Foyle Derry/Londonderry

Baptist Church32/36 Great Victoria St, Belfast

OpportunityThis opportunity is ready for immediate investment and has a Gross Development Value of c. £30 million. Investor involvement is entirely flexible and could be various forms of traditional funding or equity investment.

Project Promoters: McAleer and Rushe

Scale:£30 million with a floor area of c. 12,500sqm

Sector: Grade A offices

Location: Belfast City Centre

Investment Type:Equity investor/funder

Programme: Construction ready to commence

Planning Status: Full permission granted

mcaleer-rushe.co.uk

OverviewBackground This opportunity comprises a 12,500sqm Grade A office scheme in Belfast City Centre.Belfast has a known deficit of Grade A office space due to a lack of new development. This sector of the Northern Ireland market offers great potential and one which is expected to strengthen further especially should we see the future devolution and reduction of corporation tax rate to 12.5%.Growth is already apparent with an increase in uptake from previous years and a now established confidence with both rental and capital growth prospects. Office activity for 2017 is on course to exceed the average take up level over the last 10 years with Grade A space dominating demand. This demand has been partly driven by job announcements for Belfast.That growth can be seen in office rentals with top-end office lettings in Belfast increasing by 40% during 2016. The latest end-of-year figures show some 40,400sqm of office space rented during the course of 2016 – up 36 per cent (based on a five-year average). A further 53,280sqm of new office space will be completed by 2018, with planning approved for a total of 181,200sqm.

Project Description As well as being located within an established core office area, the site enjoys a strategic location within two minutes’ walk of the proposed new Transport Hub, a £450 million major transport led regeneration project which will have a Regional impact throughout Ireland. This opportunity has full planning permission which has already been enacted and protected through demolition works for 12,500sqm of new build space in a variety of floorplate configurations.

Project Promoter and Partnerships McAleer and Rushe is an established construction, development and investment Group covering the UK and Irish markets with 50 year’s experience. They currently have 22 live projects and a multi-professional in house team which delivers projects on time, on budget to a high standard from inception to completion. Group turnover will be approximately £350 million in 2017-18.The company has a strong presence in Northern Ireland having delivered many large scale commercial projects over the last 20 years. They have plans to deliver a number of other City Centre schemes which will provide an opportunity for strategic partnering. Together these projects represent a collective Gross Development Value of £175 million.

Belfast Waterside Belfast

Opportunity This is a multi-phase scheme in a prime location with primarily office, hotel/serviced apartments and residential/PRS opportunities. It represents an investment opportunity which could take various flexible forms of equity or more traditional funding options. The project has a total Gross Development Value of c. £465 million.

Project Promoters: Swinford (Sirocco) Ltd

Scale: GDV £465 million with a floor area of c. 174,120sqm

Sector: Offices/Hotel/Leisure/ Residential/Retail

Location: Belfast City Centre – River Lagan

Investment Type: Equity investor/funder

Planning Status: Master Plan submitted. Approval of the first Grade A office building on the site (c. 28,000sqm) granted.

belfastwaterside.co.uk

Overview Background

This project occupies one of the best locations in Central Belfast.

• The site is only 750m metres from the refurbished Lanyon Place Train Station. This is a major terminus for commuter routes and hosts the cross-border Enterprise service to Dublin.

• Substantial frontage onto the River Lagan in a rejuvenated area with £750 million of public and private sector investment already.

• Confidence in the area is also demonstrated by recent 8,400 sqm extension to Belfast Waterfront Hall.

• There is a known deficit of Grade A office space and this sector should strengthen further with the proposed reduction in corporation tax rate for Northern Ireland.

• Tourism also has significant potential with some 4.5 million visitors annually. The ambition for Northern Ireland is that this sector will double in size by 2020, creating exceptional opportunities, already started by the arrival of several global hotel brands.

• Belfast City Council has an active policy of encouraging residential elements within developments in Belfast and this project would suit the PRS sector.

Project Description

Prime river front and at 16 acres the site is capable of phasing. Opportunities include:

• Grade A office space of c.79,600sqm • Class A1 retail of c.2,000sqm • Class A2 retail (financial, professional and

other services) of c.500sqm • Class D1 uses (community and cultural uses

such as doctors surgery, dentist, crèche, art gallery) of c.1,300sqm

• Class D2 leisure uses of c.1,300sqm • Sui generis (cafes/bars/restaurants) of

c.5,200sqm • Up to 700 apartment homes • Hotel/Serviced Apartments of c.18,200sqm

As the project is multi-sectorial and can be constructed in several phases, risks are reduced accordingly.

Project Promoter and Partnerships

• As well as this asset, this project promoter can offer investors the opportunity to partner on other similar schemes throughout the UK.

• Belfast City Council are the local authority who administer planning applications within Belfast.

21–29 Corporation StTomb St, Belfast

Opportunity A substantial Belfast City Centre site with which there is opportunity for early involvement to participate in various finance options to include equity share/traditional funding. This project has an anticipated Gross Development Value of c. £92 million.


Scale:£92 million with floor area of c.37,000sqm

Sector: Hotel/Offices/Residential


Investment Type:Equity investor/funder

Programme: Construction to commence 2019

Planning Status: Full planning permission has been granted for Phase 1 which is a 250 bedroom hotel for part of the site.

mcaleer-rushe.co.ukmcaleer-rushe.co.uk

Overview Background This is a substantial mixed use scheme which caters for several sectors of the market on a phased basis.Tourism in Northern Ireland has significant potential with 4.5 million visitors annually, a figure which is growing due to World Class attractions. Northern Ireland’s ambition and policy is that this will continue to grow, and double in size by 2020, creating opportunities and demand within the hotel sector.Belfast has a known deficit of Grade A office space due to a lack of new development. This sector of the Northern Ireland market offers great potential and one which is expected to strengthen further especially should we see the future devolution and reduction of corporation tax rate to 12.5%.Growth is already apparent with an increase in uptake from previous years and a now established confidence with both rental and capital growth prospects. Office activity for 2017 is on course to exceed the average take up level over the last ten years with Grade A space dominating demand. This demand has been partly driven by job announcements for Belfast.That growth can be seen in office rentals with top-end office lettings in Belfast increasing by 40% during 2016. The latest end-of-year figures show some 40,400sqm of office space rented during the course of 2016 – up 36% (based on a five-year average). A further 53,280sqm of new office space will be completed by 2018, with planning approved for a total of 181,200sqm.Through its Regeneration and Investment Strategy, Belfast City Council encourages inclusion of residential elements within developments; increasing the population of the City Centre is a key policy of the Council. This location would also be suitable for PRS.

Project Description This site is located in an already rejuvenated area north of Belfast City Centre in the City’s Cathedral Quarter. It comprises a c. 1 acre plot with planning permission already secured for Phase 1 which is 250 bed hotel. Phase 2 is being master planned for a c. 17,000sqm office building and a 92 unit residential block. The scheme can be easily phased to mitigate risk and aid cash flow. The opportunity is proposed to comprise:• Grade A office space of c. 17,000sqm • Hotel accommodation of c. 11,300sqm• 92 apartment homes• Basement parking of c. 2,800sqm

Project Promoter and Partnerships McAleer and Rushe is an established construction, development and investment Group covering the UK and Irish markets with 50 year’s experience. They currently have 22 live projects and a multi-professional in house team which delivers projects on time, on budget to a high standard from inception to completion. Group turnover will be approximately £350 million in 2017-2018.The company has a strong presence in Northern Ireland having delivered many large scale commercial projects over the last 20 years. They have plans to deliver a number of other City Centre schemes which will provide an opportunity for strategic partnering. Together these projects represent a collective Gross Development Value of £175 million.

McAleer & Rushe Regeneration Projects – Belfast City Centre mcaleer-rushe.co.uk

Opportunity

McAleer & Rushe offer an opportunity to strategically partner with them in Belfast over 4 key sites with a value of approximately £255 million.

These are set out in more detail in individual project profiles covering the following locations:

• Norwich Union House

• 1 acre site at Corporation/Tomb Street

• Former Baptist Church, Great Victoria Street

• “The Sixth” Royal Ave

The nature of the partnership is entirely flexible to suit investor requirements and could include options such as debt finance, direct development, or shared equity

Please refer to individual inserts for more information on actual projects.


Scale: £255 million over 4 developments totalling some 88,400 sqm

Sector: Offices/Hotel/Residential/Technology and Creative Industries



Programme: Opportunities available now

Planning Status: At various stages

Overview McAleer and Rushe is an established construction, development and investment Group covering the UK with 50 years’ experience. • Over 2 million sqft of offices, 20,000 hotel

bedrooms, 10,000 residential units, and 7,500 student residences constructed throughout the UK in prime locations.

• 22 live projects and a multi-professional in house team which delivers projects to a high standard from inception to completion.

• Turnover is approximately £350 million per annum in 2017/2018.

• The company has a strong presence in Northern Ireland and plans to deliver a number of key Belfast City Centre schemes which provides an opportunity to partner with them in developing this portfolio of assets in a single package, all strategically located and in key sectors.

Northern Ireland offers competitive returns for City Centre opportunities in these key sectors with current market trends showing:

Offices Belfast has a known deficit of Grade A office space due to a lack of new development. • This sector offers great potential and one which is expected to strengthen further with the proposed reduction in the corporation tax rate for Northern Ireland. • Growth is already apparent with an increase in uptake from previous years and a now established confidence with both rental and capital growth prospects. • Office activity within the last two years has exceeded the average take up level over the last 10 years with Grade A space dominating activity. • Research shows that top-end lettings increased by 40% in 2016, up 36% (based on a five year average).

Hotels Likewise, tourism also has significant potential with 4.5 million visitors annually, a figure which is growing due to World Class attractions. • Northern Ireland’s ambition and policy is that this will continue to grow, and double in size by 2020 to a £1 billion industry, creating opportunities and demand within the hotel sector. • Additionally, the conference market is expanding and confidence in this area continues with the recent 8,400 sqm extension to Belfast Waterfront Hall which can now cater for some 5,000 delegates daily.

Residential The £250 million expansion of Ulster University in Belfast city centre will bring 18,000 students and staff into the city each day, stimulating further opportunity for mixed-use developments. • Research shows that compared to other UK cities Belfast has a high ratio of students to available student housing indicating huge potential for this sector. • The PRS sector is also emerging and aligns with Policy directed at increasing the City Centre population.

Norwich Union House 1–7 Fountain Street, Belfast

Opportunity This is a well located opportunity in Belfast City Centre to shape a key project during its early stages with equity investment or more traditional funding on a project with a Gross Development Value of over £50 million.


Scale: £54 million with a foor area of c. 17,900sqm

Sector: Grade A offces/Hotel/Retail



Programme: Expected to commence 2019

Planning Status: Planning permission for a 122 bed hotel and ground foor retail is granted. A further c. 12,000sqm of space for Grade A offces is to be applied for.

mcaleer-rushe.co.uk

http:mcaleer-rushe.co.uk

Overview Background This is a mixed use scheme comprising Grade A offces, hotel and an element of ground foor retail.

Belfast has a known defcit of Grade A offce space due to a lack of new development. This sector of the Northern Ireland market offers great potential and one which is expected to strengthen further especially should we see the future devolution and reduction of corporation tax rate to 12.5%.

Growth is already apparent with an increase in uptake from previous years and a now established confdence with both rental and capital growth prospects. Offce activity for 2017 is on course to exceed the average take up level over the last ten years with Grade A space dominating demand. This demand has been partly driven by job announcements for Belfast.

That growth can be seen in offce rentals with top-end offce lettings in Belfast increasing by 40% during 2016. The latest end-of-year fgures show some 40,400sqm of offce space rented during the course of 2016 – up 36% (based on a fve-year average). A further 53,280sqm of new offce space will be completed by 2018, with planning approved for a total of 181,200sqm.

Likewise, tourism also has signifcant potential with 4.5 million visitors annually, a fgure which is growing due to World Class attractions. Northern Ireland’s ambition and policy is that this will continue to grow, and double in size by 2020, creating opportunities and demand within the hotel sector.

Project Description This site is in the heart of the City Centre and located right beside its main retail pitch, Donegall Square, in a vibrant and bustling area.

There is already planning permission for part of the site for a new build 122 bed hotel plus an element of ground foor retail. Potential exists to evolve/change this to suit hotel operator requirements. In addition to this hotel element the site has extra capacity to yield a further c 12,050sqm of Grade A offce space confgured in 1,858sqm foor plates. The opportunity is proposed to comprise:

• Grade A offce space of c. 12,050sqm

• Hotel accommodation of c. 5,300sqm

• Retail accommodation of c. 575sqm

Project Promoter and Partnerships McAleer and Rushe is an established construction, development and investment Group covering the UK and Irish markets with 50 year’s experience. They currently have 22 live projects and a multi-professional in house team which delivers projects on time, on budget to a high standard from inception to completion. Group turnover will be approximately £350 million in 2017-2018. The company has a strong presence in Northern Ireland having delivered many large scale commercial projects over the last 20 years. They have plans to deliver a number of other City Centre schemes which will provide an opportunity for strategic partnering. Together these projects represent a collective Gross Development Value of £175 million.

The Sixth Royal Avenue, Belfast

Opportunity Investor involvement for this iconic building in Belfast City Centre is entirely flexible and could be forms of traditional funding or equity investment, to suit individual requirements.

Promoter: McAleer & Rushe and Belfast City Council

Scale: GDV £80 million with a floor area of c. 21,000 sqm

Sectors: Offices, Creative/Technology, Retail


Investment type: Equity investor/funder

Planning Status: Application submitted for full planning approval

www.thesixthbelfast.com

www.thesixthbelfast.com

Overview Background

This opportunity comprises City Centre mixed use space primarily catering for the Grade A office, creative and technology sectors • Approximately 21,000 sqm on the former Belfast Telegraph Headquarters site located in an emerging creative district in Belfast City Centre. • As well as Grade A office space, the opportunity targets the creative and technology sectors which have grown throughout the last decade. Northern Ireland has one of the fastest growing technology clusters in the UK. The region also enjoys global recognition as a production centre for film and television. HBO’s epic fantasy television series Game of Thrones® has largely been filmed in the region since its pilot in 2010. Other companies such as Universal Pictures, BBC and Disney have also chosen Northern Ireland for recent productions. • There is a known deficit of Grade A office space for which demand should strengthen further with the proposed reduction in the corporation tax rate for Northern Ireland. • The development will also include c. 2,300 sqm of ground floor retail use and a rooftop running track.

Project Description

• Located in an emerging creative district centred on education, media and technology. • Adjacent to the £250 million expansion of Ulster University which will bring some 18,000 students and staff into the City Centre, stimulating further demand. • The project will therefore bring significant benefits to a rapidly changing part of Belfast already experiencing betterment. • The proposed scheme is designed by leading UK architect AHMM who have been appointed to design workspace with the flexibility to accommodate global headquarters with floor plates of up to c. 3,000 sqm. The development would work equally well for smaller enterprises in the professional and burgeoning creative and technology sectors that require potential to expand.

Project Promoter and Partnerships

• McAleer and Rushe is an established construction, development and investment Group covering the UK with 50 years’ experience. They have developed well in excess of two million sqft of office developments along with many high profile, high value schemes in the student accommodation, hotel and residential sectors throughout the UK. McAleer & Rushe have a multi-disciplinary in-house team which delivers projects to a high standard from inception to completion. Turnover is approximately £350 million per annum. • The company has a strong presence in Northern Ireland having delivered many large commercial projects over the last 20 years. They have plans to deliver other City Centre schemes which will provide an opportunity for strategic partnering. • The project is a Joint Venture with Belfast City Council which is the largest Council within Northern Ireland.

Titanic Quarter Belfast

OpportunityInvestment opportunities are available from £25 million upwards in a range of options to include traditional funding and equity options. This project is easily capable of phasing offering additional flexibility. The total project value is c. £365 million.

Project Promoters:Titanic Quarter Limited

Scale:£365 million with total floor area of c. 280,000sqm+

Sector: Mixed Commercial/Residential/Cultural/Educational

Location: Titanic Quarter, Belfast

Investment Type:Equity investor/funder from £25 million

Programme: Opportunities available now

Planning Status: Full and Outline for next 280,000sqm

titanicquarter.com

Overview Background Comprising c. 185 acres of prime land, this project is probably Northern Ireland’s most important regeneration opportunity. Known internationally, it has a proven track record and has already attracted £425 million of investment, through construction of some 140,000sqm of mixed use development during the last decade. The project is located in the world famous birthplace of the Titanic ocean liner and the focal point for the Game of Thrones media production. It has prime water frontage, is within Northern Ireland’s capital and is home to ‘Titanic Belfast’ which in 2016 was voted the World’s best tourist attraction. Northern Ireland is now a favoured location for film, TV and other media productions and demand continues to grow for these services. Filmed at Titanic Studios, HBO TV series Game of Thrones has established Northern Ireland as a world class location for film and TV production.

Project Description Titanic Quarter has already a mix of residential, commercial, tourist, education and retail uses which has created a vibrant area for some 18,000 people. This is an opportunity to build on this success and benefit from it.

There are multiple investment opportunities that cater for all sectors offered within a prime location. Examples include:

• Grade A Offices: North Yard £25 million, Financial Services Campus £50m

• Titanic Studios: Studios and post production facilities £30 million

• Hotels: Platers Yard Hotels; £35 million

• 2,000 apartment homes

Full and Outline permission for the next 280,000sqm of mixed use development is in place and is ready for investment. The Project Promoter will consider a variety of investor involvement to include Equity Share, Joint Venture and Development Funding.

Project Promoter and Partnerships This developer is very well established and has experience in similar schemes in several other countries. Belfast City Council are the local authority who administer planning applications within Belfast.

Weavers Cross Belfast

Opportunity The opportunity offers scope to partner with a future nominated developer in multiple phases of this project which has an anticipated Gross Development Value of c. £250 million.

Project Promoters: Translink Group

Scale: £250 million with total foor area of c.125,000sqm

Sector: Offces/Hotel/Residential/ Amenity



Programme: Opportunities available from 2019

Planning Status: Application for Transport Hub submitted June 2017

translink.co.uk/thehub

Overview Background This is a transport-led regeneration opportunity that is of National signifcance and is one of only 6 ‘Flagship’ schemes that are supported by the NI Executive.

The opportunity is for mixed use multi-sector development signifcantly de-risked by government funded infrastructure.

This infrastructure element which is a multi-modal Transport Hub is due to commence in 2018 and is scheduled to be completed in 2022. It will cater for an expected increase from 8 million to 14 million passenger journeys to and from Belfast City Centre and includes for a direct rail link to Dublin. This results in one of the highest footfalls in Northern Ireland. It represents a government investment by itself of circa £200 million, de-risking the project which provides the catalyst for a mixed-use opportunity.

This is therefore a once in a generation project which will have a major impact on the economic growth of the Region.

Project Description This multi-sector offer will be the new Gateway to Belfast. It is capable of phasing and can accommodate some 125,000sqm of mixed use foor space. Importantly it takes advantage of its location within Belfast City Centre and newly created Regional infrastructure links connecting it directly throughout Ireland.

Within this one asset there are a number of multi-sectoral opportunities to include:

• Grade A offce space of c. 94,000sqm • Hotel accommodation of c. 6,900sqm • c. 200 residential units • Retail space of c. 1,750sqm

The opportunity is one that allows the spread of risk due to being multi-sectoral and its capability of development over a number of phases.

The scheme takes advantage of the fact that Belfast currently has a defcit of Grade A offce space. This sector of the Northern Ireland market offers great potential and one which is expected to strengthen further especially should weseethefuture devolution and reduction of corporation tax rate to 12.5%.

Likewise, with its prime location beside new transport infrastructure this project is well placed to beneft from the potential within the hotel sector. Already global hotel brands are opening to capitalise on this sector’s buoyancy and importantly to facilitate cross border and international tourists.

Through its Regeneration and Investment Strategy, Belfast City Council encourages the inclusion of residential elements within developments; increasing the population of the City Centre is a key policy of the Council. This location would therefore be suitable for residential development within the broader mix of uses.

Project Promoter and Partnerships Translink Group are the project promoter and are tasked with site preparation. Belfast City Council are the local authority who administer planning applications within Belfast.

great.gov.uk

DIT The UK’s Department for International Trade (DIT) has overall responsibility for promoting UK trade across the world and attracting foreign investment to our economy. We are a specialised government body with responsibility for negotiating international trade policy, supporting business, as well as delivering an outward-looking trade diplomacy strategy.

DisclaimerWhereas every effort has been made to ensure that the information in this document is accurate the Department for International Trade does not accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned.

© Crown copyright 2017You may re-use this publication (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence visit: www.nationalarchives.gov.uk/doc/open-government-licence or e-mail: [email protected]

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Published September 2017 by Department for International Trade.

Image creditsPage 1: Titanic Quarter Limited Pages 4, 11, 22: Getty / Pages 2, 7, 14 ,16 ,18 ,21: Invest NI

ContentsForewordDIT’s Capital Investment DirectorateWe work in the fields ofWelcome to the opportunityLocation, location, location!Investment opportunitiesFollow the success of othersUnderpinned by a world class education systemHuge potential for an already thriving tourism and leisure sector5 reasons to invest in Northern IrelandBaptist Church21–29 Corporation StMcAleer & RusheNorwich Union HouseSirocco QuaysTitanic QuarterWeavers Cross

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