'I will only be fully satisfied when there are diggers on site': Final legal agreements for Queen’s Parade due to be signed within days as £50m seafront transformation edges closer to becoming reality

A long-awaited milestone in Bangor’s Queen’s Parade Redevelopment Scheme is finally within reach, following the resolution of key legal issues between all involved parties.

In a statement issued ahead of tonight’s confidential Council meeting, Ards and North Down Borough Council confirmed that after months of behind-the-scenes negotiations the final legal agreements between all three parties have been resolved. The Department for Communities, Bangor Marine and the Council are now preparing to sign the necessary legal agreements within the next week, paving the way for work to begin on the £50million regeneration scheme.

The statement acknowledges public frustration over the lack of transparency during negotiations but affirms that recent progress marks a turning point for the £50million regeneration project.

It stated: “Councillors acknowledge that the private discussions regarding this Scheme over recent months have caused frustration among ratepayers. Considering the significant public interest in the Scheme, all parties involved recognise that clear communication is needed moving forward.”

Key developments include the withdrawal of Farrans from the Bangor Marine consortium and the confirmation that Oakland Holdings will take its place.

The statement continued: “We are very pleased that Bangor Marine has today announced that Oakland Holdings will replace Farrans in the consortium. Oakland Holdings has a long track record of delivering large scale projects and offering financial support packages for developers including the Merchant Square Office complex and the 175 Belfast Aparthotel.”

It continued: “Having achieved the above agreements, the final legal documents to enable the development to start on site can now be signed by all partners and the Crown Estate to enable work to begin on site. There is a certain sequencing to this legal process that must be followed, and it will take around a week to complete.

“In recent weeks, Bangor Marine has procured a contractor to deliver Marine Gardens. The contractor can start work within 3 to 4 weeks of the final legal agreements being signed.

“In response to recent social media commentary, Bangor Marine has secured £9.8m from the UK Government for the Marine Gardens component of the Queen's Parade Scheme. The planning, design and construction costs will be met by Bangor Marine, not by local ratepayers. The total investment by Bangor Marine in Bangor upon completion of the entire scheme will be over £50m.

“Bangor has been waiting for this for a long time and deserves to see it come to fruition. The city needs both the investment and the regenerative potential that it will release. While we cannot confirm a definite start date for work on site today, we anticipate that we will be able to do so over the coming weeks.”

In response Mayor of Ards and North Down, councillor Alistair Cathcart, said: "I am very pleased that we have now finalised the remaining legal documents and just need to arrange for them to be formally signed - a process that is a little more complex than might be expected given the number of partners involved. However, we anticipate this will be achieved over the next week or so.

"This is an important and positive milestone for the scheme and I would add my thanks to all those involved in the negotiations for their hard work and dedication to the process.

"However, like many Bangor residents, I will only be fully satisfied when there are 'diggers on site'. The Bangor Marine contractors need some time to mobilise, but now that all agreements are in place, I will be pushing for that work to start as soon as possible.

"Bangor has been waiting for this for a long time and deserves both the investment and the regenerative potential that it will release for the city. I hope residents and businesses will be reassured by this update and all partners ongoing commitment to this regeneration scheme."

Aran Blackbourne, of Bangor Marine Ltd, added: "We are delighted that all the legal documents are now agreed and will over the coming week be executed.. The documentation process over recent months has been complex, given the number of parties involved; however, we can now confidently move forward with the Queen’s Parade redevelopment project.

"Following a change in the partnership structure, Bangor Marine Ltd will continue as a joint venture between Karl Group and Oakland Holdings. I would like to thank the hard work of Farrans, who have been excellent partners, in applying their construction expertise to the development, Farrans doesn't typically become involved at developer level and have therefore decided to transfer their shareholding to Oakland Holdings.

"Bangor Marine Ltd remains fully committed to progressing the Queens Parade project in partnership with the Department for Communities and Ards & North Down Borough Council. We look forward to working with all parties to deliver this very exciting and important regeneration scheme for Bangor.”

The Queen’s Parade Scheme promises to transform the seafront area and bring long-awaited regeneration to the city.