Refurbishment of King’s Hall site starts with the help of the Northern Ireland Investment Fund
London, January 2020 – Funding has been secured and work has started on the King’s Hall site and refurbishment of the hall itself in South Belfast, part of a £100m regeneration scheme to transform the historic site into the most innovative health and wellbeing hub in the UK. The site is being developed by Benmore Octopus (KH) Limited, a joint venture between Belfast based developer Benmore and the Octopus Group (with H&J Martin Construction appointed as the main Contractor).
The initial works will provide infrastructure to service the site and the development of Dataworks, a commercial hub totalling over 40,000 sq ft. The site will be anchored by precision medicine and data analytics firm Diaceutics, who have committed to taking 10,000 sq ft of space.
Funding for the site infrastructure and Dataworks development is being provided by the Northern Ireland Investment Fund, a £100m Fund which provides debt finance for real estate, regeneration, low carbon and infrastructure projects. The Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors.
This marks the Fund’s fourth development loan since it was launched two years ago and takes total investments committed to over £40m. Further information on the Northern Ireland Investment Fund, including details of how to apply, can be found on the Northern Ireland Investment Fund website.
Will Church, Senior Director, CBRE Capital Advisors said “The completion of this facility demonstrates exactly what the Northern Ireland Investment Fund has been set up to do. The loan not only provides new space outside of central Belfast but unlocks a wider strategic healthcare development for the area. The complexities of the site make this a challenge for traditional lenders. CBRE was able to overcome these challenges and provide a loan to enable works to commence. We are looking forward to funding more schemes across Northern Ireland in 2020”.
David Burrows, a Director at Benmore Octopus, the development company behind the project, said: “The start of construction at the Kings Hall Health and Wellbeing Park marks a milestone on our journey to create one of the most innovative healthcare hubs in the UK and Ireland. We are particularly delighted to be protecting and enhancing the iconic Kings Hall building, one which will sit at the centre of our plans for the park as a proud asset for the city.”
Ashley Heath, Healthcare Property Director at Octopus Real Estate, said: “The Kings Hall Health and Wellbeing Park will mark a step change in the delivery of healthcare, not just in Northern Ireland but right across the UK and Ireland. We are hugely excited to have started the construction phase of the project and look forward to breathing new life into an iconic Belfast site.”