There was celebration today in Limerick today with the unveiling of a Shannon Foynes Port Company (SFPC) framework strategy to transform 75 acres of prime, noncore activity real-estate just off Limerick city centre into an economic hub.
The Strategy was launched by Minister of State at the Department of Finance & Public Expenditure & Reform Patrick O’Donovan with a pledge to grow existing commercial activity at SFPC’s 35 acres Ted Russell Docks but also provide for the major development of noncore activity at the docks and also at lands along a further 75 acres of the Limerick Docklands estate.
The docks have been and will remain the core SFPC commercial activity at the Limerick Docklands estate, which extends 2.15km along the River Shannon waterfront. However, the Framework Strategy is the first time that noncore assets will be explored for their commercial potential in a programme which aims to attract significant inward investment and potentially in excess of 1,000 jobs.
Currently, a total of 440 Full Time Equivalents (FTEs) are supported by the Ted Russell Dock, generating €25.2 million in employment income among companies engaged with SFPC. The commercial activity of customers of Ted Russell Docks resulted in €77.2 million of expenditure in the regional economy on non-labour goods and services.
SFPC estimates that the programme, which will run for the lifetime of its Vision 2041 Masterplan, could involve a minimum of €100m of development and redevelopment, potentially delivering 75,000sqm of new and existing buildings at the Ted Russell Docks, Corcanree Business Park and other sites off the Dock Road. The company has already had discussions with a number of potential partners on individual projects within the wider scheme with a view to enabling works commencing on initial projects as early as 2019.
The potential of the ‘Limerick Docklands Economic Park’ (total 110 acres) is emphasised by its location just off both the M7 Motorway at its western end and Limerick City Centre at its eastern end, with much of the development potential ideal for ‘last mile logistics’ investment. The assets earmarked for development include disused buildings and greenfield land-banks that are surplus to the operational requirements of the thriving Ted Russell Docks.
Launching the SFPC report before an attendance of over 100 regional stakeholders, Minister O’Donovan said, "Limerick Docklands ranks among the most attractive urban sites in the country. This property is flanked by the largest river in either here or the UK, and is effectively bordered by the city centre at one end and a motorway at the other. It has its own port achieving record tonnages and is just 25 minutes away from an international airport. From an investment potential this is a hugely compelling offering and now that it has a framework in place, it is an open invitation to indigenous and FDI companies to take advantage."
SFPC CEO, Patrick Keating added, "The development potential of 31 hectares between the city centre and motorway is enormous. Its job creation potential is huge and it will, therefore, be one of the key economic catalysts for Limerick and the region in the years ahead."
Source: www.businessworld.ie
