Danske Bank supports development of former linen warehouse ‘The Weaving Works’

First Derivatives plc has signed up as the anchor tenant for The Weaving Works building in Belfast, which is being redeveloped with support from Danske Bank.

The former historic Armagh House linen warehouse on Ormeau Avenue is being transformed into a five storey Grade A office building by local developer Karl.

The building was acquired under a Development Agreement process with Department for Communities who, together with funding partner Danske Bank, worked closely with Karl to bring the project towards completion.

As part of a major expansion of their Belfast based operations, financial software and consulting business First Derivatives plc will take the entire office space within the 30,000 sq ft property.

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.”

It was 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.

Paul Currid from Danske Bank, which provided significant package of support to help fund the development, said: “Danske Bank is proud to be supporting 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. Karl Asset Management has put together a strong tenant line up and are providing a unique property in the Belfast office market. Danske Bank offered a structure tailored to the bespoke nature of the redevelopment and it was clear from the start that the Bank would be able to help deliver this distinctive project.  We understand that customer requirements are different and so are our solutions.”

Geoff Sharpe, Head of Corporate at Danske Bank, added: “At Danske Bank we are right at the heart of economic activity, supporting our customers on development and investment projects across office, retail, manufacturing and residential sectors.  We have supported many of our business and corporate clients across a range of sectors to refurbish and expand existing property or acquire new premises to support growth plans.  This investment is supporting projects, which are contributing towards economic growth and regeneration.”

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.”

ENDS

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