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LONDON-Victoria Square, an 800,000 sf shopping and residential development in Belfast, looks on schedule to become a reality by 2007. Following the signing of a Development Agreement between The Department of Social Development (the Northern Irish body responsible for regeneration) and AM Development, as well as a Final Decision Statement from the former setting October 31 as the date on which land for the scheme will be vested, preliminary work is under way.

At the same time the financial safeguards have been put in place with German institutional investor, Commerz Grundbesitz Investmentgesellschaft, signing a funding agreement to forward purchase the scheme from AM.

AM’s design for the development encompasses 17 new buildings, a two-level covered street as well as a large glazed dome for the new Victoria Square. Martyn Chase, partner at Donaldsons, responsible for introducing the scheme to AM, said: “The signing with CGI and DSD this week means that Victoria Square is ready to start construction.”

Donaldsons will be retained as development consultants and leasing agents.

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