A major regeneration project which will restore and enhance an iconic building in Newcastle was officially launched today (28th September 2007) by Alexander Smyth, Joint Director General, International Fund for Ireland.
The building, which is situated in Central Promenade, will be refurbished at a cost of more than £560,000 and will provide over 2,300 sq ft of commercial retail space as well as 2,000 sq ft of residential space incorporating two luxury apartments for rent. The Mourne Seafood Bar which has restaurants in Dundrum and Belfast has already been secured as the anchor tenant.
The project is being developed by Newcastle Property Development Limited and funded by the International Fund for Ireland and Down District Council.
Announcing International Fund for Ireland support of £300,000 for the project, Alexander Smyth, International Fund for Ireland, said: “I am delighted that the Fund is able to support Newcastle Property Development Limited in this project. The restoration of the property will not only have a tremendous positive impact on tourism in Newcastle but boost employment figures and act as a stimulant for further economic development in the area.”
Speaking at the launch Social Development Minister, Margaret Ritchie MLA said: “I commend Newcastle Property Development Company and its partners on their development of this project. The transformation of towns through urban regeneration is an important element of my responsibilities.
“This scheme is a further example of the improvements to properties which has already taken place in South Down. Facilities such as these will complement the transformation of Newcastle, which we are already seeing in the makeover to the Promenade by Down District Council, the planned Velodrome in Donard Park and the work of my Department to improve the town centre. All of this will help transform Newcastle into a 21st Century resort which will support the regeneration of the local economy.”
Sean O’Rourke, Chairman Newcastle Property Development Limited, said: We hope that our project will contribute to the revival of the town.” Sean extended his thanks to the International Fund for Ireland and Down District Council for financing the project.
Eddie Rea, Chairman of Down District Council, commented: “I am delighted that Down District Council has been able to support the project. The Council’s funding was a necessary addition to the grant aid provided by the International Fund for Ireland and demonstrates Council’s support for community led regeneration projects.”
Work has already started on 107 Central Promenade, Newcastle this month and is expected to be completed by November 2007.
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International Fund for Ireland
28-32 Alfred St.
+44 (0)28 9031 2884