Inner City Trust

Advanced Heritage Development Trust

Breathing new life into Derry’s historic core to promote social intervention, skills development and economic regeneration

The Inner City Trust was established in 1976 to advance the physical, social and economic regeneration of Derry-Londonderry. It has a strong track record of project development, including the restoration of heritage buildings, and asset management. Over the years, it has built up a balanced and diverse property portfolio. As a not-for-private profit group, the Trust invests and re-invests; through its redistribution mechanism, it works in partnership to support the community by relieving the causes and consequences of poverty, as well as advancing the skills, education and training of citizens.

Since its inception, Inner City Trust has acquired, renewed and reimagined some of Derry’s most iconic buildings. This includes the Bishop’s Gate Hotel, the Garden of Reflection and gallery, and the Fashion and Textile Design Centre. Now, with the help of the AHF’s Heritage Development Trusts (HDTs) programme - made possible by a strategic partnership with The National Lottery Heritage Fund - the Trust intends to repair and reuse more historic buildings in Derry’s historic core, further supporting its transformation into a flourishing and prosperous place.

In the first of a pipeline of heritage-regeneration projects to be developed by Inner City Trust under the HDTs programme, a bright new future has been secured for 17-20 Magazine Street.

Spotlight project: 17-20 Magazine Street

Image: View of 17-20 Magazine Street from the city walls. Photograph by Jim McCafferty for Inner City Trust.

These three adjoining B2-listed buildings directly overlook Derry’s historic walls. Built in the 1840s, the Victorian red brick townhouses were the residences to the merchant class, including a Mr. Alfred Jewell, who established a stone faced cork factory in the adjacent building. Since the 1970s, they have had various other uses.

Now, the heritage buildings have been restored and refurbished as modern, self-contained student accommodation, with a total of 40 beds over three floors. This sustainable new end-use will not only support the needs of the University and its students, but will also increase footfall in the city centre, benefitting local businesses.

Images of the student accommodation at the newly restored 17-20 Magazine Street, including the bed and bathroom (left) the study space (middle) and the communal space (right). Photographs by Jim McCafferty for Inner City Trust.

With the work at 17-20 Magazine Street complete, the Trust turns its attention to its next project - the former Austins department store, an iconic Grade A-listed building that has lain vacant for the last nine years. In March 2025, grant funding from the Department for Communities (DfC) enabled the Trust to acquire the landmark building, marking the first step in rescuing it from decline and bringing it back to life for a vibrant, sustainable and accessible new use. In September 2025, it was also announced that the Trust had secured funding from The National Lottery Heritage Fund to commence the Development Phase of the Austins Regeneration and carefully begin the work needed to return it to its former glory.

For more information, please visit the Inner City Trust Website.