Business

Developers behind Waterside Belfast project say they ‘remain committed’ to £450m venture

Osborne + Co respond to speculation after third party promotes basketball arena concept for former Sirocco site

Aerial CGI of box buildings along the River Lagan.
A visual produced as part of The Waterside Belfast proposal.
By Ryan McAleer

The developers behind a £450 million proposal to regenerate the former Sirocco Works site in Belfast have challenged speculation that they are seeking to exit from project.

Osborne + Co secured outline planning permission for the £450 million Waterside Belfast project in July 2020.

The proposal includes 800,000 sq ft of office space, a 70,000 sq ft hotel, 60,000 sq ft of retail space and 800 homes on the 16-acre site on the eastern Laganbank, next to Short Strand.

But three-and-a-half years on, the development appears no further on from starting.

It’s understood that the speculation on a new party potentially taking over the site emerged following the promotion of The Waterside Belfast project during the Northern Ireland Investment Summit last September.

Preparation for the summit also saw Osborne + Co revamp its own website promoting the scheme.

But a number of sources familiar with Belfast’s property and investment scene have described the circulation of separate marketing material, produced by a third party, which appears to promote the concept of a new basketball arena on the site.

Artist's impression of a bridge across the River Lagan with greenery and trees.
The Waterside Belfast proposal includes an upgraded pedestrian bridge across the Lagan.

The proposal has been linked to a London-based investor with strong connections to Belfast.

But people familiar with the existing developers said the marketing material was not produced with the knowledge or co-operation of Osborne + Co.

While the developers are understood to be open for deals to sell or lease sections of the overall project, Osborne + Co said they still plan to progress the scheme according to the outline plans approved in July 2020.

In a statement, the developers said: “There has been considerable and varied interest from a range of potential investors/partners in The Waterfront Belfast since its inclusion at the Northern Ireland Investment Summit in September 2023.

“We continue to engage with our stakeholders on our plans to bring forward the scheme under the outlined and detailed planning consents whilst exploring viable proposals from potential investors/partners.

“Ultimately we remain committed to seeing The Waterside Belfast realise its full potential for the benefit of the city of Belfast and its citizens.”