New Building Project to Boost Investment in Londonderry

Site work on a new £10million office building for potential high tech investors in Londonderry city centre will start soon.

Enterprise, Trade and Investment Minister, Angela Smith announced that the contract for the 65,000 square feet building at Timber Quay on Strand Road has now been signed by Invest Northern Ireland and Quay Developments, a subsidiary of Lagan Developments.  

It is intended that construction activity will commence in July 2005 with the development scheduled for completion by the summer of 2006.

Invest NI is providing financial support for the development, including funding through the European Union Interreg programme, and will locate its North West Local Office in the five-storey building.

Angela Smith said: “As well as providing funding for the new development, Invest NI will market the facility through its international network to potential inward investors, especially in North America, in growth sectors such as software development, multimedia and communications.

“The new state-of-the-art building is an integral part of Invest NI’s North West Action Plan, which aims to stimulate greater investment by both externally and locally-owned companies, particularly in information and communications technologies, that will help transform the region into a vibrant, knowledge-led economy.

“It will provide the quality and flexible accommodation that companies in these dynamic sectors demand. I am confident that this new facility will make a major contribution to the regeneration of the city and the wider economy of the North West.”

Welcoming finalisation of the contract, Leslie Morrison, Chief Executive of Invest Northern Ireland, said: ”I am delighted that the negotiations have been completed and we are now in a position to progress with construction of this facility which is a further strong indication of Invest NI’s and Lagan Developments commitment to the region’s economic growth.”

Lagan Developments is one of Northern Irelands leading property development companies who, working with local businessmen Terry Houston and Paul Diamond, successfully tendered for the project.