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£10m Derry regeneration funding gets minister's approval

Getty Images A view of Londonderry with the Peace Bridge over the Foyle river in the foreground and the Guildhall and other building in the background. Getty Images
Gordon Lyons said the fund will revitalise '"strategic properties' in Derry

A multi-million pound fund to help regenerate Londonderry's historic city centre has been approved by Stormont's communities minister.

The North West Regeneration Fund – worth up to £10m over the next five years – will provide government loans for the regeneration of buildings within the city's walls.

The fund will be delivered by Derry's Inner City Trust, and has a specific focus on projects that the private sector does not see as commercially viable.

Minister Gordon Lyons said the fund "will make a "significant contribution" to the city's regeneration.

Lyons said it will be used to revitalise "strategic properties within the Historic City Conservation Area".

He said it is "an exciting time for the city" with a number of key projects under way, including the expansion of the university, public realm works, the City Deal and redevelopment of the Fort George site.

"All of these interventions are serving to enhance the city," Lyons said.

dfc a man in a blue suit, wear a white shirt and crimson tie. he is standing , with clasped hands, on Derry's walls overlooking the city's guildhalldfc
The minister said the mney is earmarked for buildings within the city's walls.

The Inner City Trust works to inject commercial and social life into Derry's city centre.

Archdeacon Robert Miller chair of the trust, said the funding's approval is "a transformative moment for our city".

"This investment will breathe new life into the heart of Derry, strengthening our heritage, supporting our economy, and ensuring our built environment serves the needs of future generations," he said.

'Visible good for Derry'

Foyle SDLP MP Column Eastwood said the fund "actually has the potential to transform public spaces and do real, visible good for Derry".

Sinn Féin MLA Ciara Ferguson also welcomed the funding, adding it "will make the city a more attractive and vibrant place to live, work and socialise".

DUP assembly member Gary Middleton said the funding is "a testament to our commitment to preserving our heritage while injecting new life and economic opportunity into our city centre".

Earlier this year, the Department of Communities provided a grant of more than £1m to allow the Inner City Trust to complete the purchase of the former Austins department store in Derry.