Shannon Commercial Properties to accelerate Phase 1 €40m investment programme in 2018
500,000 sq ft of space brought to the market since 2015
A €40 million Shannon Commercial Properties investment in state-of-the-art property solutions at the Shannon Free Zone is to be accelerated in 2018 to capitalise on the demand for commercial property in the region, the company stated today.
In its 2017 review and update on the year ahead, Shannon Commercial Properties – a Shannon Group company – said that by year end it will have brought over 500,000 sq. ft. of new or upgraded office, manufacturing and warehouse facilities to the market at the Shannon Free Zone across four years (2015 – 2018).
The programme, the company stated, is creating the environment for a high-tech eco-system in the Mid-West that is already reaping dividends for the region and the company also expressed confidence that further announcements will follow.
Said Shannon Group Chairman Rose Hynes: “Since the inception of the Shannon Group my vision for its commercial property arm was to provide the impetus for the inward investment our region needs to be able to attract employment and achieve sustainable growth. Just three years into this investment programme, we are making very significant strides and the team at Shannon Commercial Properties must be commended for that,” she said.
Commenting on achievements to-date Ray O’Driscoll, Shannon Commercial Properties Managing Director said: “This is the biggest investment programme undertaken in recent years in the Shannon Free Zone and it’s now paying dividends for the company, for the region and, most importantly, for all those people who will be employed in our state of the art new facilities. Last year was an important year for the programme with the completion of a number of large refurbishment projects and commencement of construction of new Grade A office and advanced manufacturing units.
“Such has the impact been from this investment on employment that we are accelerating the programme to make sure we have sufficient capacity to capitalise on the interest from expanding Irish and international businesses in establishing bases here. Our investment programme is going to make a very significant contribution to this region’s capacity for inward investment and employment growth. We have already seen evidence of that this year with the recent 150 job announcement by Jaguar Land Rover and other companies, including in the aviation and aerospace cluster such as Jetpower, and we expect further announcements in the future.”
Highlighting the significance of the investment Matthew Thomas, CEO, Shannon Group said: “Shannon Commercial Properties has enormous potential to help drive the economy of the region and that potential has really begun to fall into place. We are particularly pleased with the performance of the company. Its programme of investment will not alone enhance the region’s potential to win further indigenous and FDI investment but also stimulate economic activity which will support growth at Shannon Airport.
“By year end we will have invested €40 million in new facilities at the Shannon Free Zone, 90% of which has been snapped-up. This investment underpins employment in the region by putting in place exactly the type of facilities that top Irish and international companies demand today.”
Among the key elements of the 2017 programme were:
- The commencement of construction of a 56,000 sq. ft. Grade A office block, 33,000 sq. ft. advanced manufacturing unit, securing the first Starbucks drive-thru in the Republic of Ireland
- The opening of the Gateway Hub serviced office/co-working/incubation facility at Shannon Free Zone
- The launch of the Propeller Shannon programme for aviation start-ups
Other projects now finalised under the programme include:
- A new 100,000 sq. ft. advanced technology manufacturing facility for GE Sensing
- The redevelopment of 100,000 sq. ft. of industrial unit into 5 units of office, engineering and warehouse facilities
- The redevelopment of a 56,000 sq. ft. office and warehousing facility for Magellan Aviation Services Ltd
- The refurbishment of Universal House, 15,000 sq. ft. four-storey office block.