Vacant plots to cost IDA extra €85.2m
It has prompted renewed claims by a local TD that the overseas investment agency is not doing enough to promote the city and county to would-be international investors.
Area director for the south Brian Conroy said the IDA is actively promoting Waterford at every possible opportunity. Its records show that there have been six visits to Dungarvan in the past four years, three of these since April 2005 when job cuts were confirmed at Waterford Crystal.
“In the 1980s we entered into 35-year leases for buildings. It was a time when there was very little property development.
“We needed to have something to show to companies. Some of these buildings were very successful, others were not so. The type of industry coming has changed, hence the vacant space. But we are still doing our very best to promote all our sites,” Mr Conroy said.
Fine Gael Deputy in Dungarvan John Deasy was told by Enterprise Minister Micheál Martin that the IDA has seven vacant properties which have been lying idle for eight years in Waterford on which IDA Ireland has long-term lease agreements.
“All these premises are located in the Waterford Industrial Estate. These leases, which are 35-year leases, were entered into between 1983 and 1989. The outstanding balance of the leases is 11 years on average,” Mr Martin said.
“The outstanding amount due on the balance of the leases is €85,195,810. It is hoped that a number of these properties might be occupied or redeveloped during the period, which would educe this amount,” the minister added.
Mr Deasy said he believes Waterford city has the worst record for job creation and inward investment. “I’ve met with the IDA and they have made it clear that Dungarvan in particular is not a priority and they could not identify a single project they were working on for the area,” he said.
