Waterford City in line for €300m Saudi development

A major development could be on the way for a key site in the centre of Waterford City following reports a Saudi Arabian company is preparing to invest €300m in the area.

The seven-hectare North Quay site in Waterford has been lying derelict for several years, but was designated a Special Development Zone (SDZ) last year by the Government and now looks like being the subject of a large-scale retail, commercial, residential, and public space development.

According to the Waterford News and Star, Saudi investors Fawaz Alhokair, who specialise in the development of retail centres, have agreed terms for the purchase of the North Quay site, as well as a development area around Michael Street in the city centre, which was recently approved by An Bord Pleanála for the construction of shopping centre.

Members of Waterford and City Council were briefed by council management on plans for the two sites at a meeting on Monday night.

The council would not comment on the reports, but it’s understood a statement may be issued later this week.

Waterford City and County Council has control over the North Quay site, with the Port of Waterford Company also holding an interest, while NAMA has agreed to fund the Michael Street site, which is due to be developed as a shopping centre by Newgate Properties.

Fine Gael senator Paudie Coffey, who was a minister of state at the Department of the Environment when the North Quay was designated an SDZ, said “there are terms already signed for the two sites” between the investors and the council, with the details yet to be worked out.

A planning scheme being developed by the council for the North Quay SDZ is due for completion in a number of months. This will form an outline of what is likely to be developed on the brownfield site. It is likely to include a shopping centre, hotel, and public spaces, as well as commercial units and a pedestrian bridge linking the two quays, between the Clock Tower and the north side.

“I would be adamant that we need high-quality office space for international financial services and we have the capacity in the region to attract that kind of business,” said Mr Coffey, who added that the overall retail element of the plan “will be bigger than the Mahon Point shopping centre in Cork”.