Inner City Trust has acquired the former Danske Bank building on Shipquay Square in Londonderry through a £1.4 million loan, the first awarded under the North West Regeneration Fund. The Financial Transactions Capital loan will enable the historic building to be refurbished and brought back into productive use.

Inner City Trust, headquartered on Shipquay Street in Derry~Londonderry, was established in 1976 and focuses on restoring heritage buildings and supporting the city's physical, social and economic regeneration.

Danske Bank, headquartered in Copenhagen and listed on Nasdaq Copenhagen, has vacated the Shipquay Place premises but retains a branch at Altnagelvin and a relocated customer protection centre at Ebrington Square, according to operations director Vicki Hassan.

The North West Regeneration Fund, announced in June 2025, complements other recent city centre investment, including a £5.1 million public realm scheme in the Inner Walled City, a £1 million redevelopment of Harbour Square and a £1.2 million grant-funded purchase of the former Austin's building by the Trust.

The structural driver is state loan capital unlocking privately led redevelopment of vacant landmark buildings, financing acquisitions that heritage charities could not otherwise fund while leaving occupier and refurbishment decisions with the Trust itself.

"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," said John Meehan, chair of Inner City Trust.

"This project will bring a prominent city centre building back into productive use, creating a new hub for economic development, innovation, and regeneration activity," Meehan added, noting further regeneration projects are expected through the fund.

Built between 1860 and 1879, the Shipquay Square building is expected to be fully occupied within months, a timeline the Trust says will support local businesses and increase footfall in the surrounding streets.

For the sector, the deal is the first test of the North West Regeneration Fund's loan model, using repayable capital rather than grants to bring vacant heritage stock back into commercial use.

Source: News Letter / Londonderry Chamber / Derry Journal