6,700 new jobs as investors confirm work will get underway at Ferrybank’s North Quay this year
THE Saudi-owned company behind the landmark North Quays development in Ferrybank has confirmed work will begin on the regeneration project before the end of the year.
The €350 million North Quays project is set to be the largest development of its kind ever untaken in the South East.
Fears over the project, which is set to create up to 6,700 direct and indirect jobs for the region, had been expressed both publicly and privately in recent months, despite the Government’s announcement late last year that it was releasing the first €6 million in funding for the development.
However, a statement issued from a Dublin PR firm representing Falcon Real Estate Development Ireland, the European wing of the Saudi Al Hokair group, said it “reasserts its commitment” to the North Quays project.
The statement added work on the site is “likely to start before the end of the current year”.
The announcement is a major boost for South Kilkenny, Waterford and the wider South East region, which has the highest unemployment levels in the country.
The North Quays, an eight-hectare real estate mixed use scheme on the Kilkenny/Waterford border, was given SDZ (Strategic Development Zone) designation by the Government in 2016.
It will comprise a sustainable mix of 46,900 square metres convenience & comparison retail facilities, leisure, dining destinations and a visitor centre.
The plans also include a 200-room Four Star Hotel & Conference Centre, 15,000 square metres prime Office space, and 300 riverside apartments, which the investors say will be delivered in a “contemporaneous and phased approach”.
The investors said the North Quay development will mark “a major economic boost” for the South East.
The statement added: “The total estimated investment is estimated to be €350 million in the development, phased over three to five years. 2,300 full time roles will be created during the development of the new district, with an additional 4,500 indirect jobs.
“Combined with the forecasted 2040 population growth of 181,000 people for the South East, the retail market size in the South East is expected to grow from €3.49 billion in 2015 to €6.30 billion in 2025.”