Social development minister David Hanson has approved a planning proposal for a £300m redevelopment scheme which will include a community art gallery in the north east quarter of Belfast, Northern Ireland.

The Royal Exchange scheme will comprise 800,000sq ft (74,000sq m) of space featuring restaurants, bars and cafés. The former Northern Bank will also house a theatre.

A 120-bedroom hotel will be built on the current Tourist Board headquarters.

Apartments, offices and 65 retail units are also planned. Developers William Ewart Properties, ING Real Estate Development UK and local company Snoddens Construct – trading as Leaside Development – plan to open the Royal Exchange in 2011, after three years on site.

Ben Rainford, ING Real Estate MD, said: “The Royal Exchange will revitalise the area with a mix of contemporary uses and public squares for the benefit of the whole of Belfast.”

The New Exchange development will comprise only one aspect of an ongoing and extensive £2bn regeneration of Belfast.

Public and private companies have united under the umbrella of the New Belfast Group to regenerate dilapidated and abandoned areas in a bid to encourage people to live in the city centre. It is hoped that a bouyant Belfast will enhance Northern Ireland. Details: www.belfastcity.gov.uk

Photograpph: Restaurants, cafes and retail units on Donegal Writers’ Square.