Simthfield Yard is currently occupied by a surface level car park and the listed Butcher's Building and is bounded by Winetavern Street, Gresham Street and North Street. Historically, the site had an continuous frontage and the centre of the site operated as a bus station. The introduction of CasteCourt in the 1980s resulted in the majority of the street pattern being blocked off. This part of the city centre has suffered from significant blight and under-investment since then. This resulted in many of the buildings being demolished and occupied by a surface level car park since the 1980s.

In February 2016, the site was acquired by Bywater Capital (Winetavern) Ltd. Bywater Properties and Ashmour propose to develop a mixed use development on the site called Smithfield Yard.

In October 2018, Bywater and Ashmour submitted a planning application (LA04/2018/2470/O) proposing mixed use regeneration and development of vacant surface level car park and refurbishment of existing listed Butchers building, with the erection of new fixed use buildings (heights varying between 3-9 storeys). The proposal is also comprised of basement level car parking, ground floor retail/restaurant/coffee shop/workspace uses, with Grade A and SME offices above. This application was approved in February 2020.

In October 2018, Bywater and Ashmour submitted another planning application (LA04/2018/2464/F) proposing the alteration and extension of existing listed Butchers Building at 108 North Street and 1 Gresham Street. This included change of use from retail (all floors) to cafe/restaurant at ground floor and office at first and second floors with all associated site works.

In February 2020, Bywater & Ashmour submitted a planning application (LA04/2020/0325/F) proposing redevelopment of the vacant surface level car park to facilitate the erection of a 4-9 mixed-use building comprising ground floor retail/restaurant/coffee shop with 'Grade A' offices above. This application was approved in October 2020.

In May 2020, Bywater & Ashmour submitted a Reserved Matters application (LA04/2020/0865/RM) proposing the erection of a 3 -5 mixed-use building comprising ground floor retail/food and beverage/office uses, and offices above. The application was approved in November 2020.

In July 2020, Bound Concept opened a pop up shop in the Butchers Buildings, being one of the first businesses to launch in the Smithfield Yard redevelopment.

In November 2021, Bricolage Quilts opened a new shop in the Butcher’s Building on North Street. Bricolage joins Bound Concept, Kindred of Ireland, Dollybirds Art and Haller Clarke in the Butchers Building.

In January 2023, Bywater Properties and Ashmour Developments revealed that plans for the Smithfield Yard major office scheme have been dropped in favour of student housing. They stated that the Smithfield Yard major office scheme had been dropped due to "working patterns changing post-pandemic" and other office stock coming forward in Belfast. They revealed intentions to apply for permission to build 583 student units in a 226,200 sq ft building. A pre-application consultation on the new proposals are expected in the first quarter of 2023.