£30.5m spend on site by 2015

He made the comments during a recent evidence session on the Programme for Govenrment and Investment Strategy before the Stormont OFMDFM Committee.

He said the private sector is taking an increasing interest in both Ebrington and Fort George and that over the next 12 to 18 months, six projects will be brought to the market, both for direct development and for occupancy.

“That exercise will involve many millions of pounds of private investment,” he told the Committee.

He estimated that by 2014/15 £30.5m will have been spent on Ebrington.

Mr McGuinness explained that OFMDFM “provides revenue costs to Ilex, which is about 50 per cent of its annual running costs, and other expenditure, largely in relation to projects at Ebrington.”

He stated: “It is envisaged that the projects developed on the Ebrington site will be the parade ground infrastructure and public realm; that is well advanced and will be open to the public early next year.

“Work on the car park and enabling platform will begin next year and will be finished by the end of the year. There will be the refurbishment of the building to house a maritime museum and the development of the clock tower in the main square. “In addition to conservation works to bring other buildings back into use in the site, that work will continue. The parade ground works commenced in September 2010, with a completion date of early next year.

“The car park project is due to commence next year, and, hopefully, it will be finished by the end of the year. The clock tower will be developed in 2013-14 and the maritime museum in 2014-15.”