Regeneration projects take place within complex local policy environments and are also influenced by the global doctrine of neoliberalism, although the degree of influence will vary depending upon the historical, economic, social and political context. This article reviews and reflects upon the complexity of a neoliberalising policy environment in the regeneration of the divided city of Belfast. The territorial conflict in Northern Ireland has been expressed spatially and has thus affected urban regeneration. These issues are illustrated by a case study of the regeneration of the Crumlin Road Gaol and Girdwood Park in North Belfast, which sought to include both a neoliberalised economic development agenda and efforts to improve community relations through the promotion of shared space. The paper asks whether the management of community cohesion in cities experiencing conflict requires state intervention that at times goes beyond the ‘roll out’ and ‘roll back’ distinction found in neoliberal theory.