Business investment scheme designed to fill empty city centre units is ‘resounding success'
A COUNCIL investment scheme designed to fill empty business units in Belfast city centre has been a 'resounding success' the local authority has confirmed.
Some £1m in grants was awarded to small and independent businesses by Belfast City Council through their Vacant to Vibrant scheme.
'As well as helping to revitalise and animate the city centre, the council's investment has generated over £3.5m in rates – a return of almost £4 for every £1 allocated in grants,' the Council said this week.
The scheme was launched in 2022 to incentivise business owners to take up empty units across the city.
Belfast City Council's Vacant to Vibrant scheme has been a 'resounding success'
Those who received grants under the scheme inlcide Another World, ArtsEkta, Bodega Bagels, Golden Thread Gallery, High Society, Michele International Hairdressing, Neighbourhood Café, Sloan's Gym, Vault Artist Studios and Verona Bridal.
Of 48 grants awarded, 23 have helped, or are helping to regenerate a historic building or building of interest in the city.
Round House Bakery is one of them.
The local bakers will use their funding to bring artisan sourdough breads, pastries, and pizza to a unit in Cathedral Buildings which was almost destroyed by fire three years ago.
The Vault Artist Studios received a £25k grant under the scheme, which will see them bring the city's iconic listed building Spencer House back to life.
"We're delighted to secure £25,000 Vacant to Vibrant funding for Spencer House as the first phase of our fundraising towards taking on this iconic and historic city centre building," General Manager Neal Campbell said.
'Vault is passionate about advocating for the importance of arts and culture within sustainable regeneration, and we're very excited to do this in the heart of the city centre on Royal Avenue, where we can facilitate new conversations about how we reimagine and reactivate Belfast's heritage buildings," he added.
'We thank Belfast City Council for its support and we're hopeful that we can now press on and secure the additional funding that will be needed to bring Spencer House back to life, as a new home for over 30 multidisciplinary artists."
The grants awarded have created 139 jobs and generated some £23m in sales over the lifespan of the scheme.
'Vacant to Vibrant has been such a success in the city centre, helping to strengthen Belfast's attractiveness as a place to visit, live and invest – boosting footfall, rates income, employment and business income,' Chair of Belfast City Council's City Growth and Regeneration Committee, Councillor Sam Nelson said.
'And I think that success is thanks to a combination of the applicants' energy, vision and hard work, along with the wraparound support we've provided to help them develop business plans, marketing, and of course linking them with suitable units.'
He added: 'We're now seeking additional investment to allow us to extend the Vacant to Vibrant city centre scheme.'
Applications for Belfast City Council's Vacant to Vibrant citywide scheme are welcome from business start-ups, independent retailers, social enterprises, cultural and voluntary organisations and property owners seeking to transform their vacant property.
Grants between £2.5k and £25k will be offered on a first-come, first-served basis, until all funding is allocated.
See More: Belfast City Council, Funding, Vacant To Vibrant
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