Future developer of Waterford site must cover council's €5.6m spend

Concerns have been raised that another developer might have the site evaluated below the council’s figure, thus forcing the council to take a ‘hit’.

Artists impressions of the proposed redevelopment of the Waterford North Quays.

Any new developer seeking to acquire Waterford city’s North Quays site will have to add the €5.6m that the council has already invested in the location to the purchase price, it has emerged.

The decision comes as the council reappraises the site’s plans and potential following Falcon Real Estate's withdrawal from the projected €500m redevelopment last month.