December 16, 2019
Business News

Ferrybank’s North Quays investors concerned over lack of housing in region: report

The investors behind the €350 million North Quays development have expressed concerns over the lack of housing in the region.

Their concerns were revealed in correspondence released to The Sunday Business Post under the Freedom of Information Act.

Falcon Real Estate Developments, part of the Fawaz Alkohair Saudi Arabian investment group, is leading the plan to redevelop the North Quays. The landmark project would also see the construction of a new shopping centre in Michael Street, as well as office space, 300 apartments and a hotel in Ferrybank.

In correspondence published yesterday, representatives for Falcon asked Waterford City and County Council for details on strategies to grow the city and region. But when details were sent through, Falcon Real Estate Director Rob Cass said it was “not a strategy”.

“What’s also missing is all the housing developments in the housing development plan as a key message that there is housing to tie into the job growth backlog.”

The North Quays project has been beset by delays, which has promoted speculation locally that the development will not go ahead as planned, or that it will be reduced in scale.

Falcon Real Estate previously said work on the North Quays would begin before the end of this year. The planning application for the North Quays has still not been submitted, but Falcon recently said in a statement that it would be lodged before the end of this month.

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