Gordon Lyons: Former Danske Bank Building secured for regeneration - 'over the coming months, the building will be fully occupied, supporting economic development in the area'
Communities Minister Gordon Lyons has announced the first Loan Agreement under his department’s North West Regeneration Fund, which will secure the future of the former Danske Bank building in Londonderry.
The Financial Transactions Capital loan of over £1.4 million, issued to Inner City Trust, has enabled the Trust to purchase the former Danske Bank premises, a landmark heritage building in Shipquay Square, ensuring it is refurbished and protected for long-term future use, as part of wider city centre regeneration efforts.
Minister Lyons said: “I am pleased to announce this funding from the North West Regeneration Fund, which allows our delivery partners, the Inner City Trust, to purchase and refurbish this important heritage building, securing it for the future.
“It is anticipated that, over the coming months, the building will be fully occupied, supporting economic development in the area and bringing increased footfall to local businesses.
“This further underlines my commitment to preserving our built heritage, ensuring buildings and communities are revitalised and sustained for generations to come.”
The North West Regeneration Fund, announced by the Minister in June 2025, complements recent investment in the city by his department, including the £5.1million Inner Walled City Public Realm Scheme, the £1million redevelopment of Harbour Square, and the £1.2million grant-funded purchase of the former Austin’s building by ICT.
John Meehan, Chair of Inner City Trust, said: "We are delighted to reach this important milestone for both the North West Regeneration Fund and the city centre.
"The acquisition of the former Danske Bank building represents a significant investment in the future of Derry~Londonderry and demonstrates what can be achieved through partnership working.
"This project will bring a prominent city centre building back into productive use, creating a new hub for economic development, innovation, and regeneration activity.
"It will increase footfall, support local businesses, and help strengthen confidence in the city centre. We look forward to working with the Department for Communities and our future occupiers to bring the building back into use and to progressing further regeneration projects through the North West Regeneration Fund."
Vicki Hassan, Operations Director at Danske Bank, added that “We are delighted to have entered into this agreement with the Inner City Trust, which ensures that our historic Shipquay Place building will live on and provide future benefit to local people and the local economy.
"Danske Bank retains a presence in the city with our popular branch at Altnagelvin and our relocated Customer Protection Centre at Ebrington Square.”
And SDLP Foyle MP Colum Eastwood welcomed confirmation of funding to regenerate the former Danske Bank building saying: “I am glad to see this project get over the line and the future of this key building in the heart of Derry city centre secured.
"To safeguard this important community resource and regenerate it for future use, I liaised with Danske Bank and the Inner City Trust to look at how this building could be best used to serve the public, and highlighted the potential that existed for funding through the North West Regeneration Fund.
“There are far too many buildings like this lying empty in our city when they could be making a positive contribution. This funding will see the former Danske Bank building undergo significant refurbishment before reopening and acting as a hub that will contribute to the local economy.
“This is a positive development and we must explore other ways that the regeneration fund and Financial Transactions Capital can be used to support our city. With this announcement and the planned regeneration of the historic Austin’s building, we are seeing real progress in bringing important vacant buildings back into use and breathing new life into our city centre.”