The scheme is a £300 million urban regeneration project in Belfast city centre providing c. 800,000 sq ft of retail/leisure over 4 floors, leisure units including restaurants, bars and cafes, c. 1,000 car parking spaces and 106 apartments. Centered around a glass dome, this project was developed by Dutch based Multi Development, a major international developer with wide experience throughout Europe, and is now owned by German fund CRI. Anchored by the Province's first House of Fraser Department Store of 200,000 sq ft, other exciting retailers include the first Hollister store, Cruise, River Island, H & M Hennes, Urban Outfitters, Topshop, Coast, Hobbs, LK Bennett, Ted Baker and many more. Restaurants are located on the first and second floors, and include Chiquitos, Nandos, Pizza Express, Frankie & Benny's, TGI Fridays, China Buffet King, Spur, La Tasca, Pizza Hut, McDonalds, Costa and O'Briens. Footfall for 2009 averaged 190,000.

Victoria Square is a short walk from Central Station, Laganside Bus Station and the Europa Bus Station and can be accessed via Cornmarket (William street south via Arthur square), Ann street, Victoria Street and main entrance of House of Fraser.