Developers Urged To 'Unlock Potential Projects'

Finance Minister Dr Caoimhe Archibald MLA has called on developers to "unlock potential projects and help deliver economic growth" through the NI Investment Fund.

The £150million fund provides debt or equity finance for commercial property, regeneration and low carbon projects and is managed by the CBRE Lending team on behalf of the Department of Finance.

Speaking on a recent visit to the Dunluce Lodge hotel in Portrush, which received £6m support from the fund and is due to open in Autumn 2024, the Finance Minister said: "Since its initial launch in 2017, the fund has continued to grow and has far outreached expectations. To date, the Fund has provided close to £170m in loans and leveraged a further £170m in private sector investment, which has resulted in over 5,000 jobs being supported, the construction of 1,100 additional hotel beds, as well as progressing over 100,000 sq m of employment space.

"The Dunluce Lodge is an excellent example of how targeted investment can help to tackle regional imbalance, creating new jobs and supporting regeneration. This new hotel will employ more than 80 people, further boosting the local tourism offering as well as supporting the local economy by partnering with local producers.

"In addition, as the initial capital is repaid, the fund recycles investment and as loans for projects are paid off they are reinvested into future projects. An illustration of how the public and private sector can work together to support schemes that make a real difference to communities and people's lives.

"I would encourage all project developers to check the fund's criteria to see if they are eligible for support. Key priorities include low carbon and employment use projects that require debt support and cannot obtain it through other sources."   

Will Church, Executive Director at CBRE added: "We are very proud of the economic growth and jobs that the Fund has supported so far in Northern Ireland and were delighted to show the Minister one of the many projects the Fund has enabled.The Dunluce Lodge is a great example of how recyclable investment can encourage incoming tourist spend in a region and we are sure it will be a great success.

"The Northern Ireland Investment Fund's footprint extends across many sectors and throughout many regions in Northern Ireland, from hotels in Londonderry and Portrush to office developments, healthcare and student accommodation in Belfast. Everyone in Northern Ireland should have the same opportunities, no matter where they live, and to this end we are strongly encouraging organisations to engage with the Fund and explore the opportunities that exist."

Wilma Eskine, Brand Ambassador for Dunluce Lodge, said: "The Northern Ireland Investment Fund provided significant backing for Dunluce Lodge which really helped accelerate the project forward. When open, this will be the only five-star hotel in the area. It will deliver an unrivalled, refined experience on the Causeway Coast with true Irish hospitality as our cornerstone.

"Dunluce Lodge will be intrinsically integrated with the local community, providing employment, attracting international visitors and working with produce and experience providers in the area. These are just some of the many positive outworkings of the support we have received from the NI Investment Fund."