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Victoria Square (Redevelopment)

Volume 406: debated on Wednesday 11 June 2003

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To ask the Secretary of State for Northern Ireland what share of profits in the Victoria Square redevelopment will be paid to the Department of Social Development. [115500]

It would be premature for me to comment on the specific arrangements that the Department for Social Development might enter into with the developer associated with the site, Multi Development Corporation, in respect of its proposal for Victoria Square since the Department has yet to come to a decision on whether or not to proceed with the vesting of lands within the site. However, if vesting proceeds the Department will carefully consider the financial aspects of any development agreement including appropriate overage (ie super profits) provision to safeguard the public interest.