A €21 million investment in Shannon announced on Wednesday will create 250 jobs in the short term and hundreds more in the long term.
Shannon Group confirmed a €21 million first-phase of a major redevelopment programme at the Shannon Free Zone, which will significantly strengthen the hand of development agencies in attracting major investments and creating jobs in the region.
The five-year programme by the Shannon Group’s property company, Shannon Commercial Properties Ltd, involves the construction of advance manufacturing units and office blocks as well as the upgrade of some of its existing core assets.
The investment plan is focussed on delivering a stock of high quality, advanced manufacturing, warehousing and office space solutions which will hep state development agencies attract new business and jobs to the airport and free zone.
The €21 million first-phase over the next two years, which will support more than 250 construction related jobs, includes the redevelopment of a 12 acre site in the Shannon Free Zone.
As part of the initial phase of development on this site, two projects are planned at a combined cost of more than €10 million. These include a ‘Grade A’ office block and an advance technology manufacturing unit. Work on the 12 acre site has already begun with the demolition of three former manufacturing buildings of approximately 300,000 ft2 and planning applications for the two new buildings are due to be submitted shortly.
Other key projects in the first development phase include a technology manufacturing facility at Shannon Free Zone East at a cost of €6million. Work on this project has just begun.
Also on the cards are a €4 million upgrade and development of an existing 100,000 square warehousing unit in the zone adjoining airport lands, a €1.3 million refurbishment of a 56,000 ft2 office and warehousing facility located in the Shannon Free Zone West is now complete
Shannon Group chief executive Neil Pakey said, “This investment will see our stock of quality facilities in the Shannon Free Zone significantly enhanced. Putting in place quality manufacturing and office space facilities will provide vital collateral for the IDA and Enterprise Ireland as they go about selling this region to FDI and indigenous companies. It sends a clear signal from the Shannon Group to the market and potential investors that we are creating quality space for businesses and this will help attract significant investment and jobs into this region.”