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The Weaving Works is all sewn up

August 16th, 2017

Full tenant line up announced four months ahead of completion

Property Consultants GVA NI today announced that Newry-based First Derivatives plc has signed up as the anchor tenant for The Weaving Works building in Belfast. As part of a major expansion of their Belfast based operations, financial software and consulting business First Derivatives plc will take the entire Grade A office space within the 30,000 sq ft property.

It has also been revealed that the ground floor space in The Weaving Works will feature a new Café Nero outlet, the 27th for the coffee chain in Northern Ireland, as well as a new Barking Dog restaurant, the owners’ second Belfast eatery.

The former historic Armagh House linen warehouse on Ormeau Avenue is being redeveloped into a five storey Grade A building by local developer Karl who have appointed MSM Contracts Ltd as the main contractor for the project.

Adrian Toner, Chief Operating Officer of First Derivatives Plc said “this is another exciting milestone for First Derivatives and our wholly owned subsidiary Market Resource Partners (MRP). It represents a significant investment for the Firm in the City of Belfast, which mirrors similar investments being made in Newry, Dublin, London, Toronto and Singapore. This building with its impressive history and stunning architecture will provide our present and future staff with a fantastic facility right in the heart of Belfast”.

Jago Bret, Director of GVA NI said, “We are absolutely delighted to have secured this high quality tenant for The Weaving Works. The scheme offers a unique blend of imposing period style coupled with a state of the art internal working environment which has been instrumental in attracting the calibre of tenants we have secured for the building. The Weaving Works represents the only office building to have achieved a 100% pre-letting for many years in Belfast city centre, underscoring what is a very well-conceived and executed development. This letting will provide a major boost to the local office market.”

The building was acquired under a Development Agreement process with Department for Communities who, together with funding partner Danske Bank, have worked closely with Karl to bring this project to its successful conclusion.

Simon Moon from Karl stated: “It is brilliant to see exciting companies like First Derivatives, Café Nero and the Barking Dog expanding in Belfast. It is our mission to create places that enhance the lives of people and we believe that in bringing this historic building back to life with touches of modern architecture, from our Architects RMI, we will do just that. Completion is due mid-December and we are very excited to see the finished product and to see The Weaving Works in full occupation.”

Paul Currid from Danske Bank, which provided significant package of support to help fund the development, added: “Danske Bank is proud to have supported the redevelopment of The Weaving Works and it is clear from the early letting that there was huge demand for a space of this quality. The bank is very keen to play its part in the ongoing regeneration of the city centre and this deal clearly demonstrates that we are prepared to provide development funding for the right projects.”