Statement regarding the Queen's Parade Redevelopment Scheme

Statement regarding the Queen's Parade Redevelopment Scheme

28 May 2025

Tonight's Council meeting will discuss the Queen's Parade Redevelopment Scheme confidentially, due to legal and commercial sensitivities.

Councillors acknowledge that the private discussions regarding this Scheme over recent months have caused frustration among ratepayers. Considering the significant public interest in the Scheme, all parties involved recognise that clear communication is needed moving forward.

This statement, issued ahead of tonight's meeting, aims to provide as detailed an update as possible at this time.

Major proposals of this nature are complex and take time. Specifically for Queen's Parade, it is essential that all three parties—the Department for Communities, the Council, and the Developer - agree a robust legal framework to take the Scheme forward.
After months of negotiations, balancing the needs of the Crown Estate and the Developer, key legal matters relating to property and land are now resolved and agreed.
As referenced in recent media coverage, Farrans has withdrawn from the Developer Consortium. Farrans doesn't typically become involved at developer level and decided to transfer their shareholding. This process is complicated and needed to remain confidential while being progressed.
We are very pleased that Bangor Marine has today announced that Oakland Holdings will replace Farrans in the consortium. Oakland Holdings has a long track record of delivering large scale projects and offering financial support packages for developers including the Merchant Square Office complex and the 175 room Belfast Aparthotel.
Having achieved the above agreements, the final legal documents to enable the development to start on site can now be signed by all partners and the Crown Estate to enable work to begin on site. There is a certain sequencing to this legal process that must be followed, and it will take around a week to complete.
In recent weeks, Bangor Marine has procured a contractor to deliver Marine Gardens. The contractor can start work within 3 to 4 weeks of the final legal agreements being signed.
In response to recent social media commentary, Bangor Marine has secured £9.8m from the UK Government for the Marine Gardens component of the Queen's Parade Scheme. The planning, design and construction costs will be met by Bangor Marine, not by local ratepayers. The total investment by Bangor Marine in Bangor upon completion of the entire scheme will be over £50M.
Bangor has been waiting for this for a long time and deserves to see it come to fruition. The city needs both the investment and the regenerative potential that it will release. While we cannot confirm a definite start date for work on site today, we anticipate that we will be able to do so over the coming weeks.

Mayor of Ards and North Down, Councillor Alistair Cathcart, said:

"I am very pleased that we have now finalised the remaining legal documents and just need to arrange for them to be formally signed - a process that is a little more complex than might be expected given the number of partners involved. However, we anticipate this will be achieved over the next week or so.

"This is an important and positive milestone for the scheme and I would add my thanks to all those involved in the negotiations for their hard work and dedication to the process.

"However, like many Bangor residents, I will only be fully satisfied when there are 'diggers on site'. The Bangor Marine contractors need some time to mobilise, but now that all agreements are in place, I will be pushing for that work to start as soon as possible.

"Bangor has been waiting for this for a long time and deserves both the investment and the regenerative potential that it will release for the city. I hope residents and businesses will be reassured by this update and all partners ongoing commitment to this regeneration scheme."