Clanmil has signed an option agreement with NAMA for the purchase of the 16 acre site, giving them time to consider proposals for its regeneration and an exclusive right to purchase the site if those plans prove viable.
The redevelopment project would provide a major boost for the local construction industry and for the wider economy.
Hilden Mill was formerly home to the Barbour Thread factory which had occupied the site since 1823, employing around 2,000 local people at its peak. In the early 1900s it was part of The Linen Thread Company, the largest producer of linen thread in the world, but was forced to close in 2006 due to company restructuring resulting from increasing global competitiveness.
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Planning approval for the redevelopment of the complex to provide homes, offices and light industrial units along with retail, community and leisure facilities was granted by the Department of the Environment in December 2009.
Clanmil intends to deliver a mixed use, mixed tenure scheme that will reflect the area’s current and future housing and commercial needs. The preparation of a master plan for the site and a development appraisal is currently underway. Throughout this process Clanmil is working with all strategic stakeholders, including Lisburn City Council, to ensure that its proposals will sustain the long term future of this historic site.
Joan Baird, Chair of Clanmil Housing said: "We hope that today's announcement will mark the beginning of an exciting new era for Hilden Mill and a real boost for the local economy.
"This site offers an outstanding opportunity to provide much needed affordable homes in a vibrant, mixed neighbourhood and we’re very excited to be involved. Over the coming months we’ll be exploring how Clanmil can progress Hilden Mill’s transformation into a great place to live and work."
Frank Daly, Chairman of NAMA said: "I am delighted with this news today. This agreement with Clanmil is extremely important for NAMA. It reflects NAMA’s determination to work in partnership with the social housing sector in Northern Ireland to provide affordable housing solutions through our portfolio. It also reflects our commitment to work with the wider State and public sector to develop and deliver, in tandem with our own commercial objectives, a range of initiatives which will bring social and economic benefits to Northern Ireland."
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