Founder of the Argento chain of jewellery shops Pete Boyle has told a West Belfast gathering that investing in the city centre doesn’t add up anymore due to soaring construction costs.

The veteran entrepreneur behind the Let’s Go Hydro water park in Carryduff recently completed an acclaimed restoration of the old Belfast Printing Works in Queen Street.

But now he’s pulled the plug on the similar development of a listed building nearby because construction costs have been hiked by 50 per cent over the past two years.

“Student housing works in the city centre because the maths add up,” he told the October meeting of the West Belfast Small Business Roundtable in An Chultúrlann.

“And what the student housing shows is that the private sector will come in and float the market with capital where there is a viable business proposition. But at the moment, building retail doesn't add up, building offices doesn't add up, and building housing in the city center isn't really adding up.”

The Strabane native who started out his career selling jewellery from a city centre stall says the Council plans for a surge of housing in the city core won’t happen without tax incentives. “(The government) will simply have to incentivise investors if  they believe the development of the city centre is important,” he said. 

BUSINESS BRIEF: Pete Boyle, guest speaker at the West roundtable, receives a gift of the story of Norweigian explorer Fridtjof Nansen, after whom Nansen Street was named, from Connla McCann of Aisling.
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BUSINESS BRIEF: Pete Boyle, guest speaker at the West roundtable, receives a gift of the story of Norweigian explorer Fridtjof Nansen, after whom Nansen Street was named, from Connla McCann of Aisling.

Otherwise, says Boyle, derlelict swathes of the city centre – especially around the desolate Tribeca area – are likely to remain unchanged for another ten years.

Among those attending the roundtable were mindfulness coach Ciarán May, linen wear manufacturer Eileen Brennan, videographer Lois Kane and Flynn construction company CEO Aidan Flynn.

The next small business roundtable breakfast will take place in An Chultúrlann on 20 November with guest speaker to be announced shortly. Previous speakers have included Hugh Cormican of Cirdan, Tina McKenzie of Staffline and Michael McAdam of Movie House