Cost of NI regeneration scheme ‘could double to £100m’

The Queen’s Parade waterfront regeneration project in Bangor, Northern Ireland, faces a substantial re-evaluation of its financial viability, with costs now projected to potentially exceed £100m. This represents a more than doubling of the original £50m estimate from 2019, primarily driven by significant construction inflation, which Councillor Chris McCracken suggests is at least 50 per cent over six years. Further cost escalation is anticipated should the scope of the scheme, encompassing a hotel, apartments, and public realm, be adjusted. The project has been marred by protracted delays since its planning consent in 2021, leading to considerable governmental "frustration" and a documented erosion of "public confidence." While the updated joint venture, Bangor Marine (comprising Oakland Holdings and Karl Group), has recently commenced initial public realm works with MSM Contracts, the critical challenge of securing the revised capital remains. McCracken explicitly stated that the estimated £100m constitutes entirely private capital yet to be raised, urging Ards and North Down Borough Council to assume a more proactive role as a "significant partner" in attracting necessary investment. The magnitude of this cost escalation and the inherent funding complexities present a pivotal hurdle for the project's long-term delivery and stakeholder commitment. Read More