Derry’s historic character is often discussed in cultural terms. Yet it is also an economic asset, one that helps distinguish the city, attract visitors, support businesses and strengthen its appeal as a place to live, work and invest.

The newly published NI Heritage Delivers 2026 report argues that historic places can support regeneration by creating a distinctive sense of place. In an increasingly competitive environment, that matters. Cities are not judged solely on property costs or available infrastructure. Their identity, quality of life and visitor offer also influence investment decisions and whether people choose to remain.

Derry has an advantage that cannot easily be replicated. The City Walls, Guildhall, St Columb’s Cathedral and historic street pattern provide a unique setting for businesses, hospitality and major events. Derry Halloween demonstrates this particularly well: the city’s built heritage is not merely an attraction within the event but an essential part of the experience being offered.

The work of the Inner City Trust shows how heritage can be translated into practical economic and social regeneration. Established in 1976, the Trust has helped develop landmarks including the Tower Museum, Tower Hotel, Bishop’s Gate Hotel, Craft Village and Shared Future Centre. Its model links the restoration of historic buildings with job creation, business space and community development, reinvesting proceeds to support further regeneration.

Its acquisition of Austins in 2025 is particularly significant. Restoring such an iconic Grade A-listed building would preserve an important part of Derry’s identity while creating the potential for new activity in the commercial heart of the city. The Trust’s ambition is not simply to conserve the building, but to restore its civic prominence and identify a sustainable new use capable of supporting the wider revival of the city centre.

In Your Space Circus provides another example. A Chamber member and the President’s Charity last year, the organisation is transforming the former Cathedral School into a dedicated circus school and arts venue. Opened in 1891 and unused for almost two decades, the listed building is being given a contemporary purpose centred on creativity, education and community participation. The first construction phase secured £750,000 from a combination of public and charitable funders.

These projects demonstrate that preservation and development are not opposing ambitions. Historic buildings can accommodate new enterprises, cultural organisations, homes and visitor experiences, provided there is a viable use, appropriate expertise and access to investment.

There are barriers. Restoration costs can exceed the completed value of a property, particularly in regional markets where construction costs remain high but property values are comparatively low. Funding is often fragmented, while shortages in traditional building and conservation skills can further increase costs.

Addressing these obstacles should form part of economic policy, not sit separately within heritage policy. Derry’s past is one of the city’s strongest competitive assets. Protecting it ultimately means ensuring that historic buildings remain occupied, productive and capable of contributing to the city’s future.

You can read the full NI Heritage Delivers 2026 Report here.