The Department for Communities has provided a loan of more than £1.4m to the Inner City Trust to acquire the former Danske Bank building on Shipquay Place in Derry, ensuring its refurbishment and return to commercial use.

The building was constructed between 1860 and 1879 and stands near the Guildhall inside the city's historic conservation area. The Inner City Trust said it is in reasonably good condition and will be refurbished, with three potential tenants already in discussions.

Communities Minister Gordon Lyons said the building was expected to be fully occupied in the coming months, supporting economic activity and footfall for local businesses. He stated that the project demonstrated his commitment to preserving built heritage.

John Meehan, chair of the Inner City Trust, described the acquisition as a significant investment in the future of Derry and said the building would become a hub for economic development, innovation and regeneration activity.

Helen Quigley of the Trust said it was hoped tenants could move in after refurbishment by the end of the year. Vicki Hassan, operations director at Danske Bank, said the agreement ensured the historic building would continue to provide benefit to local people and the economy. Danske Bank retains a branch at Altnagelvin and a customer protection centre at Ebrington Square.

The North West Regeneration Fund, announced by the minister in June 2025, follows other departmental investments in the city: £5.1m for the Inner Walled City Public Realm Scheme, £1m for the redevelopment of Harbour Square, and a £1.2m grant that helped the Inner City Trust buy the former Austin's department store building.

Foyle SDLP MP Colum Eastwood said the investment was a positive development and that other ways to use the regeneration fund should be explored.