IDA says road improvements needed to secure tenant for Cork's Amgen site

Site is located on the N25 Carrigtwohill-Midleton road, a route described as outdated and unsafe

The IDA said the vacant Amgen site continues to be marketed to companies. 

The former Amgen site in Cork that is primed to be used by multinational companies is being left idle due to the lack of transport infrastructure around it, the IDA has said.

The site, owned by the IDA, is located on the N25 Carrigtwohill-Midleton road, a route described as outdated and unsafe.

More than a decade ago, the site was set to be used as a base for global pharmaceutical giant Amgen. 

The company was going to invest an estimated €1bn into the region as well as create 1,000 jobs. 

Shortly after it announced these plans, the company abandoned the project and it has been left empty since.

“It’s a site that the IDA markets regularly,” IDA chief Martin Shanahan told an Oireachtas committee meeting yesterday. 

He said the road makes the site less attractive for foreign-direct-investment, however, the IDA is currently “doing some work in relation to access to that site".

At the moment, in relation to a slip road, a planning application is being considered. My hope is that once that work is done, it will increase the attractiveness of that site.

He made these comments in a reply to Cork Fine Gael TD David Stanton, who brought up the issue of the vacant land at the meeting on the IDA’s performance and strategy.

Apart from the old road infrastructure around it, the site is close to other modes of transport including Cork Port, Cork Airport, and rail lines. 

“The overall development of the N25 should increase the attractiveness of that site in Ballyadam,” said Mr Shanahan. 

However, a multi-million euro upgrade planned for the N25 road was halted recently due to a lack of government funding.

Not speaking directly about the Ballyadam site, Mr Shanahan did say that elongated timelines are a big obstacle when it comes to securing foreign direct investment, whether that is getting planning permission or a judicial decision on whether a company is allowed to set up a base in Ireland.

“We all understand there needs to be appropriate checks and balances within the system. What client companies are seeking is certainty around timelines. A timeline in which they get a decision,” said Mr Shanahan.

Separately, the IDA chief said that increasing the State’s corporation tax rate from 12.5% to 15% has not damaged Ireland’s reputation.

All the investments that were made in the last year were made in the knowledge of the new global agreement, he said. 

“I don’t see it as a significant impact going forward.” 

Employment figures in Ireland’s multinational sector reached 275,384 last year. 

This marks the highest foreign direct investment employment level in Ireland to date. 

In addition, there were more than 29,000 new jobs created in 2021 in the sector.