A PRIVATE investment company backed by Deutsche Bank has said it will invest £17m to significantly redevelop the Odyssey Pavilion in Belfast.
Matagorda 2 has confirmed that the existing mezzanine level in The Odyssey will be removed and rebuilt to accommodate around ten new restaurants and bars.
A number of family-orientated entertainment units are also on the cards.
Matagorda 2 acquired the long lease for the Odyssey Pavilion in 2016.
The Odyssey Trust remains the ultimate landlord and currently runs both the arena and the W5 science centre.
The trust yesterday confirmed that it would invest another £4.5m in W5, including £3m in funding sourced from a UK science fund.
Representatives for Matagorda 2 confirmed that the redeveloped Odyssey complex would not feature any nightclubs, with just a single dedicated bar.
The company currently has planning approval for up to 16 units, along with a health club, hospitality suite and a climbing wall.
UK chains Cineworld and Hollywood Bowl have already signed up take over the running of revamped cinema and bowling alley from next year.
There is currently just a handful of businesses active in the largely dormant pavilion. It includes a cinema, bowling alley, a bar and a Pizza Hut restaurant.
Both the sport themed bar, operated by Matagorda 2 and Pizza Hut, are set to close. It’s understood the pizza chain will have the option of taking on one of the ten new restaurant units being created.
Most of the units will be taken on by large chain restaurant brands, with a number of local hospitality companies also being courted.
The initial enabling works is due to take place from next week, with Ballymena firm Martin & Hamilton expected to begin construction in the new year.
The work is scheduled to last 17 months, with the hope of having it completed in time for the Odyssey’s 20th anniversary in 2021.
The Odyssey Trust said both the cinema, bowling alley and W5 will remain open, but the pavilion will undergo a partial closure from early January.
Chair of the trust, Eric Porter said the trustees have been aware of the public perception that the pavilion is currently not fit for purpose.
“We’ve all been aware that the pavilion part was in administration. That meant there was no investment and the running of it was difficult.
“You went online, you would see people saying it’s not good, it’s a bit run down, restaurants were closing. So it’s ready for a major redevelopment such as Matagorda is proposing.
“It’s a major investment and it’s what the leisure pavilion needs. It’s going to be a wonderful reimagining of the whole development, so that by the 20th anniversary, hopefully we’ll have a really exciting destination.”
Nicky Finnieston from Lisney, which is marketing the new units with restaurant and leisure group JLL, said: “There are a number of well-known national restaurant chains entering into the latter stages of negotiations and we hope to be in a position to make further letting announcements in the coming weeks.”
Speaking for Matagorda 2 yesterday, consultant Guy Hollis said Matagorda 2’s investment will seek to redevelop The Odyssey into the number one leisure destination for families in Northern Ireland.
He said the plans are geared toward drawing more people into the pavilion. It includes a new connection directly linking the first floor of the pavilion to the the SSE arena.
“We will reconfigure the site and introduce a new mix of high quality hospitality, entertainment and leisure offerings which will bring The Odyssey in line with some of the best one site leisure destinations in the world,” he said.
