Limerick port may sell to developers

A €100M strategic overhaul of shipping facilities on the Shannon Estuary may be funded by the sale of Limerick port for development as a major residential and recreational area.

The upgrade of shipping facilities, announced yesterday, is being carried out by the Shannon Foynes Port Company (SFPC) the estuary port authority.

SFPC manages six port installations on the Shannon Estuary, including Foynes, Limerick, and Aughinish.

SFPC chief executive Brian Byrne confirmed that part of the strategic review would involve investigating the future development of Limerick port for non-shipping, commercial purposes.

SFPC owns or has long-term leases on nearly 75 acres in Limerick port and there is growing speculation that the company wants to sell off the port to developers and transfer its port business to Foynes.

Foynes handles 1.6 million tonnes of cargo a year, compared to 600,000 tonnes at Limerick port.

Mr Byrne said yesterday: "As part of the present strategic review we will be going to the market to attract developer interest in Limerick to see what we are sitting on."

He said they were obliged to utilise property assets to secure the future of the Shannon Estuary as a port area.

Limerick City Council, Shannon Development and SFPC have drawn up a master plan for Limerick port which would see it converted into a major shopping, residential, recreational, hotel and restaurant area.

Mr Byrne said: "The critical importance of the proposed investment is underpinned by the fact that 98% of Ireland's internationally traded goods now valued at over €100 billion annually are handled through the country's ports."

Last year, the SFPC ports handled 11.4 million tones of cargo, a 7% increase on the previous year.

It is anticipated that by 2010, traffic handling capacity through SFPC facilities will have reached more than 14 million tonnes.

Over the past five years, SFPC has invested €25m in improving port facilities in the Shannon Estuary.