Belfast Harbour has unveiled a new strategy to invest more than £300m in capital projects across the port and Harbour Estate over the next five years.
The strategy – Advance Regional Prosperity 2025-2029 – outlines Belfast Harbour’s plans to invest £208m in significant port improvements and £105m in the ongoing regeneration and development of the Harbour Estate and waterfront.
As a Trust Port, Belfast Harbour is self-financing and invests all post-tax profits in developing the port and estate to benefit the city and region.
The strategy includes a proposed £90m investment in a new deepwater quay which will be able to accommodate some of the world’s largest cruise vessels and expand the port’s capacity and capabilities for offshore wind turbine assembly and installation.
Stage one of the deepwater quay build, which will initially support cruise tourism, is expected to be delivered by 2027-28.
Cruise tourism in the region is currently worth an estimated £20-25m to the local economy annually.
Stage two of the deepwater quay build, due by 2030, will further strengthen the infrastructure, so that the port can play a leading role in the assembly and installation of the next generation of floating offshore wind turbines.
This part of the project is dependent on additional investment or third-party funding.
Other significant port projects outlined in the strategy include the delivery of new, sustainably powered cranes and the planning, design and consent for a rebuild of Stormont Wharf – the port’s main deepwater berth.
Investment in the Harbour Estate will include the £60m development of City Quays 5, a mixed-use regeneration project including office, retail, hospitality and exhibition space.
There are also plans to move forward with the City Quays 4 scheme for 325 homes, including affordable housing and to begin the process of developing an additional 3,000 houses by 2030.
Chair of Belfast Harbour Commissioners Dr Theresa Donaldson (pictured) said: “Through this strategy Belfast Harbour will continue to contribute to the growth of the Northern Ireland economy.
“By investing £313m, we will build on our strengths as the region’s leading port and a vital economic hub, delivering for our customers and tenants.
“We will continue our pioneering efforts to diversify and decarbonise, helping to reimagine and regenerate the city and bring additional prosperity to the region.”