Weavers Cross transport-led regeneration project in Belfast

Sector and market opportunity

Weavers Cross is a flagship project of the Northern Ireland Executive. The associated Belfast Transport Hub is fully publicly funded and construction is under way.

This project comprises a mixed use/multi-sector opportunity arranged over a range of sites near the Transport Hub under the same ownership.

This allows a risk-averse, phased approach to development, in line with market demand. Find the latest research on all sectors at CBRE.

Location

Northern Ireland is uniquely positioned within the UK in that it has retained tariff-free access to both the UK and European Union.

The opportunity enjoys a prime location within an established commercial part of Belfast City Centre, Northern Ireland’s capital city.

The addition of the publicly funded transport hub will generate some of the highest footfall in the country when it opens in 2024.

Connectivity

Weavers Cross benefits from excellent road, rail and air infrastructure right across the entire island of Ireland.

It’s only a 1 hour flight from London and under 2 hours’ drive to Dublin, as well as just minutes by car from the M1 and M2 motorways, the Port of Belfast and Belfast City Airport.

Belfast has the highest availability of superfast broadband in the UK and the fastest direct broadband link from Europe to North America.

Weavers Cross will be integrated with the popular cross-city Glider bus service and has strong cycling and pedestrian links within the Belfast area.

Local talent and skills

About 61% of all jobs in Northern Ireland are in Belfast. The country has a young population, with 53% of the population under 40.

Over 70% of companies choose to reinvest in Northern Ireland and it is already home to more than 1,100 international investors, including Allstate, Citi, Seagate, Spirit AeroSystems, and FinTrU.

Two world-leading universities are within walking distance of Weavers Cross; over 73% of their research is deemed world leading or internationally excellent. Two hospitals are also a short walk away, each with considerable R&D opportunities.

Research and expertise

Weavers Cross is a Northern Ireland Executive flagship project and is seen as a major catalyst for the entire region.

It’s so significant it enjoys support from public sector stakeholders such as Belfast City Council, The Executive Office, Department for Infrastructure, Translink, Invest Northern Ireland, and the Department for International Trade (DIT).

DIT Minister Graham Stuart helped launch marketing for the project in Autumn 2020 with key local stakeholders.

Further details

Northern Ireland is the world’s top region for financial services technology investment.

It holds the top position as an international investment location for US cyber security firms and is known for its business-friendly attitude.

Environmental, social and corporate governance (ESG) highlights

A key driver of the project is the Belfast Transport Hub, operated by Translink, which plans to have a 50% reduction in greenhouse gases by 2030 and 100% by 2040.

It will also replace the entire bus and rail fleet and use policies such as active travel and biodiversity to be climate positive by 2050.

The Transport Hub will see Northen Ireland’s first hydrogen-powered double-decker buses, supplied by Wrightbus, a Northern Irish company.

The buses emit only water and will be 100% powered by wind energy. Energia Group will supply this renewably sourced hydrogen from an onshore Northern Irish windfarm.

Weavers Cross will contribute to this net zero focus by delivering cutting-edge and well-designed buildings, infrastructure, and places.

Through its partnership approach, potential investors will create a project of material social value and credentials due to the delivery of long lasting positive social, community and environmental impact.

Promoters and partnerships

Translink is the project’s public sector promoter and Northern Ireland’s public transport provider, operating bus and train services across the region.

As the landowner with responsibility for the Belfast Transport Hub, Translink wants to partner with a suitably experienced Master Developer to fulfil the multi-sector elements, overall ambitions and catalytic impact of Weavers Cross.

CBRE and PWC are Translink’s advisors and Belfast City Council is the local planning authority.

Local and national government support

Weavers Cross is supported by the Northern Ireland Executive as a flagship project. The associated Transport Hub scheme is fully publicly funded and construction is under way.

The project has close alignment with central and local government polices such as the Programme for Government, UN sustainable goals, The Belfast Agenda and the Belfast Region City Deal.

In partnership with Northern Ireland central government bodies, Translink is considering securing 9,300 square metres of office space.

Translink is also in discussions with the Northern Ireland Investment Fund, which has expressed strong interest in providing funding for the early phases of Weavers Cross. This would further de-risk the project.