A BID to develop a major office scheme next to Smithfield Market in Belfast has been scrapped in favour of a student accommodation project.
Bywater Properties and Ashmour Developments originally announced plans for a large office scheme in 2018. Their multi-million-pound proposal for the site secured planning permission in late 2020.
But the developers said the change in working patterns in the wake of the Covid-19 pandemic, and the current oversupply of high quality office space on the market in Belfast, has prompted a change in strategy.
They are now proposing a 226,200 sq ft building on the car park between Gresham Street and Winetavern Street, which would contain 583 student accommodation units.
The new Ulster University campus at York Street has already led to a number of new high rise accommodation projects springing up within its orbit, with a series of additional schemes at various stages of planning and development.
They include a 721-unit development at the top of Donegall Street and a 862-unit scheme between Library Street, Little Donegal Street and Union Street.
The Bywater and Ashmour proposal would extend the growing student village area within the city centre.
Data published last week suggests the opening of the new campus, which hosts around 15,000 students, was likely a significant factor in increasing footfall in the city Centre in late 2022 to above pre-pandemic levels from 2019.
Alongside a number of street level retail and hospitality units, Bywater and Ashmour said their altered plans cover the retention and ongoing revitalisation of the listed Butcher’s Building on the corner of Gresham Street and North Street.
The developers are also in the process of refurbishing a number of the older terraces on Winetavern and Gresham streets, with discussions being held with potential occupiers.
Patrick O’Gorman, principal of Bywater Properties, said: “We really loved the Smithfield Yard scheme, but with working patterns changing post-pandemic and plenty of other high quality office stock coming forward in Belfast we see greater need in this area for new high-quality city-centre accommodation to support the growing student demand.
“The new Ulster University campus at York Street has brought a new vibrancy to this part of the city, but many of the students attending the campus are having to live a significant distance away in other parts of the city because of a shortage of student apartments.
“Queen’s University also expects demand for new accommodation to grow significantly in the next few years.
“We believe we are well placed to help meet some of that need and are excited to bring forward a proposal that will contribute to the regeneration of this part of Belfast by using the vibrancy of the student community to help support a renaissance of the traditional small shops and businesses in the area.”
The proposal is at an early stage in the planning process, which will see the public consulted in the first quarter of 2023.
