Public Sector Infrastructure Investment Continues Despite Challenges

Public Sector Infrastructure Investment Continues Despite Challenges

Andrew Kelly Corporate

A series of recent transactions managed by commercial agents Lambert Smith Hampton have signalled that the public sector is continuing to make significant and positive investments in infrastructure projects, despite the lack of a functioning Assembly and ongoing Brexit uncertainty.

Ulster University’s purchase of the former Foyle College site in Londonderry marks a milestone in the development and expansion opportunities for Magee campus. The acquisition follows the opening last year of the £11m state-of-the-art teaching centre at the heart of the Magee campus, which has already enhanced the vibrancy of campus life and paved the way for enhanced future capacity at Magee.

The Department for Infrastructure has also purchased a site on York Street to facilitate the York Street Interchange. The project is aimed at easing traffic congestion between the Westlink and both the M2 and M3 – one of Northern Ireland’s busiest junctions.

Darren Fitzsimons, director at Lambert Smith Hampton, said:

“In addition to those transactions with which we have had direct involvement, in the last fortnight we have seen the completion of three major property acquisitions with an aggregate value of over £23mn by the public sector. Interestingly, each of these acquisitions illustrate a diversified strategy with the end uses being transport, education and social housing.”

“It has been 771 days since Northern Ireland had a government but despite this decisions are being made. We are actively involved in a number of other significant transactions with the public sector therefore this trend looks set to continue in the short to medium term.”

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