Around £8 million is to be provided for a business park in south east Belfast which could eventually employ 270 people, it was announced today.
Four acres of derelict land at Ravenhill Reach and Ormeau Embankment have been earmarked for redevelopment under the scheme which will see 27 two-storey office units built on the site.
The announcement was made by Northern Ireland Office Social Development Minister David Hanson who said the offices would greatly improve the appearance of the area which is situated along the River Lagan.
"The development will also contribute to local economic renewal through the employment, business development and local investment opportunities that this scheme will generate," the minister said.
"The development is expected to create up to 270 full-time jobs on completion, with 160 jobs during construction.
"Graham Developments has been selected as the Department for Social Development's (DSD) preferred developer, following an open competition run by the Department's Belfast Regeneration Office."
Mr Hanson said the redevelopment of vacant and derelict land offered real regeneration opportunities which could create attractive, safe and sustainable environments in some of the city's most deprived neighbourhoods.
It is hoped the first phase of development at Ravenhill Reach will begin in June 2007.