€500m Brexit firm promises work for 5,000
Limerick City and County Council has launched a property-development company in a bid to attract UK and US investors following Britain's decision to leave the European Union.
The Limerick Twenty Thirty company has been tasked to deliver over €500m in inward investment assets and create 5,000 jobs over five years.
The former head of the Kerry Group, Denis Brosnan, was announced as the chairman of the development company.
The €500m plan to accelerate an economic recovery in the Treaty City is the "biggest single Irish commercial property development programme undertaken outside the capital", said the company, which is a "first entity of its kind to be created by a local authority".
The firm is to "prioritise the redevelopment of 1.4 million square feet of prime real estate" across "four strategic sites into state-of-the-art office, retail, residential, education and enterprise space".
The four development sites - some purchased by the council from Nama - are the 112,000sq.ft Hanging Gardens site on Henry Street; the 115,000sq.ft Opera Site at Rutland Street; the former Cleeves toffee factory site at Fernhill, comprising 100,000sq.ft of existing space and eight acres of surrounding lands; and the 340,000sq.ft Troy Studios film hub in Castletroy, where an €8m film production house fit-out is nearing completion.
Mr Brosnan said he hoped the four sites would attract large corporates from Britain in the wake of Brexit, as well as US foreign direct investors.
"We are sending a message far and wide, and not least in the window of opportunity for FDI post-Brexit investment, that we are open for business and capable of competing with the best for it," he said.