IDA to build new factories in bid to attract investment
IDA Ireland is to build two new high-tech factories in Athlone and Waterford, the first time since the 1980s that it has funded the construction of commercial property in an attempt to win over foreign companies.
The two large facilities are designed to attract large scale manufacturing or technology operations.
The IDA decided to build the properties because of a complete lack of private funding for these kind of projects, it said.
The Midlands building will be located at IDA Garrycastle Business and Technology Park on the Dublin Road and the Waterford building will be constructed at IDA Technology Park, Butlerstown on Cork Road in Waterford. Both will span around 2,500 square metres, part two storey and part double height single storey..
“The availability of high quality property solutions is a key component in winning FDI projects” said IDA Ireland chief executive Barry O’Leary. “These initiatives will advance the product offering for both Midlands and the South-East and therefore underpin the conversion of projects from IDA’s pipeline. Furthermore, these initiatives by IDA will address the current deficit of suitable property solutions and promote investment into regional locations. IDA’s direct intervention to construct these buildings is due to the absence of private funding available to do so.”
Some 160 – 180 construction jobs will be created during the building process.