News Release -
Shannon Development Announces €50 Million Project at their Kilrush Marina Land Bank
New development has potential to create 109 jobs and generate an estimated €6.6 million to local economy annually
Shannon Development has announced today (Wednesday 28th February 2007) that it has reached agreement in principle with a private sector consortium led by L & M Keating Ltd, for a €50 million development at Kilrush Marina, in the maritime town of Kilrush in Co. Clare.
The proposed major flagship project involves a high quality mixed use development of the Kilrush Marina and associated land bank. It includes the provision of 86 town houses, 50 marina holiday apartments, a retail/commercial park, and a 125 bedroom 4 star hotel development. Another essential element of the project will involve an estimated €4 million expansion of the Kilrush Marina facility to include; a clubhouse development which will double the existing capacity, the automation of lock gates, breakwater, a new boatyard, a dinghy park, and an additional 120 berths which will double the existing berthing capacity at the Marina.
”Shannon Development has always shown a strong commitment to the people and the Town of Kilrush. This announcement today represents a major milestone in our plans to develop Kilrush Marina and our marina land bank for the economic benefit of Kilrush Town and the West Clare area. We are delighted to have secured such a high calibre consortium led by L & M Keating Ltd for this project and are committed to working in partnership with them to deliver maximum benefit for the people of Kilrush. The project has the potential to deliver 109 direct and indirect jobs and generate an estimated €6.6 million annually in increased economic benefit for the Kilrush and West Clare community,” says Mr. Kevin Thompstone, chief executive, Shannon Development.
In the early 1990’s, Shannon Development built Kilrush Marina with its 120 fully serviced berths, marina centre and boatyard, as a strategic initiative to prompt economic revival in Kilrush and West Clare. The Company always envisaged that there would be a future dimension to this development, and in 2005 undertook a major marketing campaign to secure a suitable promoter to develop the Marina and the surrounding land bank.
“Our objective in undertaking this marketing campaign was to secure a new development for the Kilrush Marina lands which would complement the existing marina development and provide maximum long term sustainable economic impact for Kilrush and surrounding area,” said Mr. Thompstone.
A total of 12 expressions of interest were received by Shannon Development. The successful developer selected by the Company is a consortium led by L & M Keating Ltd, a company with a successful track record of undertaking substantial commercial, residential and retail developments throughout Ireland. L & M Keating is also a marine civil engineering contractor, and has been involved in a number of port and harbour developments on the west coast in recent years.
“We are delighted to be part of Shannon Development’s plan to secure the economic future of the Kilrush area. Shannon Development’s initial Kilrush Marina development has been a major catalyst in the revitalisation of Kilrush. We look forward to working in partnership with them to develop the Kilrush Marina and land bank. We will do this in a way that guarantees a viable sustainable operational model for the Marina and the land bank to ensure maximum economic impact for the area,” says Louis Keating of L & M Keating Ltd.
The proposed development will take an estimated 5 years to complete. It will be done on a phased basis with phase one commencing (subject to the completion of final agreements, and planning permission) in 2008. The first phase will involve significant investment in the Marina, boatyard and some housing development. Phase two will involve the construction of the marina apartments, and phase three will see the development of the hotel and related facilities, and commercial/retail units.
Kilrush Marina, Co. Clare. Shannon Development announced today (Wednesday, 27th February 2007) that it has reached agreement in principle with a private sector consortium led by L & M Keating Ltd, for a €50 million development at Kilrush Marina, in the maritime town of Kilrush in Co Clare. Pictured are John Hehir, Marina Manager, Louis Keating, Managing Director, L&M Keating Ltd, Kevin Thompson, Chief Executive, Shannon Development, and Flan Quilligan, Project Executive, Shannon Development.
End
For further information please contact:
Nandi O’Sullivan
Public Relations Manager
Tel: +353 61 710259
Mobile: +353 86-2371510
Fax: 061 363180
E-mail: Click Here