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Owners of vacant and derelict commercial properties across Newry, Mourne and Down are being offered financial support of up to £200,000 to help restore their buildings, after the district council's Local Economic Partnership secured £4.5m from the Department for the Economy.
The support package aims to help business owners breathe new life into properties, stimulate new investment and support the growth of new and existing businesses across the district.
Applications for the grant aid are expected to open within the next few months, with the onus on property owners to submit bids to bring buildings back into use. The first tranche of funding to help transform vacant buildings into vibrant new premises is expected to be available in the spring, with council staff presently developing application forms and assessing criteria.
The Commercial Property Revive and Reimagine grant is designed to assist commercial growth across rural and urban areas within existing settlement limits, stimulate local economic activity, attract new business and provide space for existing enterprises to expand.
Council chairperson, Councillor Philip Campbell, said securing grant aid to help property owners breathe new life into buildings to help regenerate town centres is a good news story for the district. He said the Department for Economy's financial support will play an important role helping business owners improve how their premises and respective town centres look and stimulate investment.
"The Department's grant aid can help regenerate our town centres and has the potential to increase football and boost the local economy," Cllr Campbell added.
The council, in partnership with Newry and Mourne Enterprise Agency and Down Business Centre, is working on an audit of under-used and derelict properties to understand the scale of the issue across the district. The current audit of vacant and derelict buildings is focusing on establishing a baseline for dereliction and their location to inform decisions on target interventions for regeneration funding.
Newry, Mourne and Down District Council is one of 11 district councils across the north to have established a Local Economic Partnership to deliver on the Department for the Economy's Regional Balance Fund. The partnerships are part of the government department's new strategic approach to locally led economic development, with the council also working with the Department for Communities to ensure it maximises every available funding opportunity.
