A £20m scheme in Belfast comprising a 575-space multi-storey car park and 7,000 sq ft of office space has moved forward after the development became the second to be backed by the Northern Ireland Investment Fund.
The loan has been granted to McCausland for the construction of a new city-centre car park on Grosvenor Road. The multi-storey development aims to release pressure from low density ground floor car parks and was said to complement ongoing commercial and hotel developments in the city.
The £100m Northern Ireland Investment Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors, and was launched in January 2018 to provide debt finance for property and infrastructure projects.
Christopher McCausland, director at McCausland, said: "This is an exciting development for McCausland’s and will answer a very real need for car parking space in Belfast.
"The funding from the Northern Ireland Investment Fund is essential to get projects like this off the ground and will benefit everyone in the city."
William Church, senior director at CBRE Investment Advisory, added: "It is very exciting to have completed another transaction on behalf of the Northern Ireland Investment Fund; it is one of a pipeline of a mix of projects and will be swiftly followed by more investments."
Sue Gray, permanent secretary, Northern Ireland Department of Finance, added: "I welcome the continuing growth of the Fund as it continues to invest in the areas of regeneration, office and low carbon projects to deliver economic growth."
