Invest NI boss says shortlist for Derry office down to two options with business case imminent

Mr. Donoghue was asked by Foyle MLA Pádraig Delargy for an update on the search for a new office after its former basis Timber Quay was acquired by Ulster University for the expansion of Magee.

“That property has now been purchased by Ulster University and they are going to use it for educational purposes and for that and for other reasons we believe that the location is no longer suitable for our needs as Northern Ireland's economic development agency.

“So for quite some time now we have been looking at alternative property options in the North West. We have reduced our search to two options and we are currently finalising our review of those options and we expect to submit a business case to the Department of the Economy and in turn the Department of Finance any day now,” said the Invest NI Chief Executive.

Mr. Donoghue said once that business case is approved it will lead to the establishment of a brand new office in the North West.

"That office will be aligned with the strategy of the organisation with the image that we want to project to local and international investors and it will future proof our presence in the North West because it will allow for organic expansion in terms of the number of executives on the ground doing business and regional development work.

“So, I hope to be in a position to confirm our selection and hopefully approval of the business case with this committee as soon as possible,” said the state-investment agency boss.

Mr. Delargy said this was ‘very encouraging’.

"I appreciate the work and the team locally have been excellent and I think there is so much capacity there to continue to develop in the North West,” said the Sinn Féin MLA.

The Timber Quay office block where Invest NI had hitherto been based was purchased by UU earlier this year to facilitate the ongoing expansion of Magee.