Communities Minister Gordon Lyons has confirmed the first loan agreement under his department's North West Regeneration Fund, securing the future of the former Danske Bank building in L'Derry.

The Financial Transactions Capital loan, worth over £1.4 million, has been issued to the Inner City Trust to purchase the landmark heritage premises at Shipquay Square. The deal will see the property refurbished and safeguarded for long-term use as part of wider efforts to regenerate the city centre.

Announcing the funding, Minister Lyons said: "I am pleased to announce this funding from the North West Regeneration Fund, which allows our delivery partners, the Inner City Trust, to purchase and refurbish this important heritage building, securing it for the future. It is anticipated that, over the coming months, the building will be fully occupied, supporting economic development in the area and bringing increased footfall to local businesses. This further underlines my commitment to preserving our built heritage, ensuring buildings and communities are revitalised and sustained for generations to come." The North West Regeneration Fund, launched in June 2025, complements other recent Department for Communities investment in the city, including the £5.1 million Inner Walled City Public Realm Scheme, the £1 million redevelopment of Harbour Square, and the £1.2 million grant-funded purchase of the former Austin’s building by the Inner City Trust.

John Meehan, Chair of Inner City Trust, said: "We are delighted to reach this important milestone for both the North West Regeneration Fund and the city centre. The acquisition of the former Danske Bank building represents a significant investment in the future of Derry~Londonderry and demonstrates what can be achieved through partnership working.

"This project will bring a prominent city centre building back into productive use, creating a new hub for economic development, innovation, and regeneration activity. It will increase footfall, support local businesses, and help strengthen confidence in the city centre. We look forward to working with the Department for Communities and our future occupiers to bring the building back into use and to progressing further regeneration projects through the North West Regeneration Fund."