Waterford developer to create 1,000 jobs
Newry-based property developer Gerard O’Hare yesterday completed the deal with the troubled crystal company which will see him own the 22-acre site formerly used by its sports and social club.
Confirming he’s clinched the deal, he said he will now work with the community of Ballybeg to totally transform, regenerate and revitalise the area.
The news offers hope to the 485 Waterford Crystal workers who will be made redundant from the end of the summer.
“We have completed the deal,” Mr O’Hare said. “The site is zoned for 110,000 square foot of retail warehousing. Our intention would be to proceed with the design and development of a mixed use site which would feature retail, hotel and leisure facilities. This site backs onto Ballybeg and we are anxious that any development would be in line with what the community there wants and needs. We think we can bring a new heart into Ballybeg and extend it into a new village,” he said.
He said the former crystal sports and social club lands have huge potential. “We hope to be in a position to create up to 1,000 full-time jobs. It’s something we have done in previous developments.
“When we take possession of the lands, hopefully in the next few weeks, we would hope to be in a position to enter into extensive consultation with the local community and work in partnership with them and all work together,” he said.
The development plan could have to clear a legal hurdle first. Some of the staff at the plant have engaged a solicitor and claim that because they paid sports and social club contributions over the years, they are entitled to a share of the profit from the land sale.
The company refused to comment on any legal threat yesterday. But one of those involved in the action said they would be meeting later this week to discuss their next recourse. They have not ruled out taking a High Court injunction which might block or slow the sale.
Waterford Wedgwood plc announced the sale of the land to the stock exchange yesterday morning, saying it has agreed to dispose of a 22-acre property in Waterford to a private developer for €32.9m. The sale is subject to a number of conditions, none of which the company would disclose last night.
“The property is underutilised land surrounding the Waterford Crystal Sports and Social Centre,” a company spokesperson said. “It is intended that the proceeds of the sale will be used for general corporate purposes particularly at Waterford Crystal.”
