Shannon Group, the operator of Shannon Airport and other property and tourism businesses, has turned the sod on its €8m multi-use industrial space in the Shannon Free Zone, which will generate more than 100 jobs during the construction phase.
The 60,000 sq ft development will take 10 months to be complete and adhere to Nearly Zero Energy Building standards (NZEB), which require a 60% improvement in energy performance from previous standards and for 20% of primary energy to come from renewable sources.
The new building will be designed for both foreign direct investment and indigenous enterprises seeking high-end, multi-functional spaces suitable for manufacturing, industrial and R&D use.
It can be leased either as one unit, three separate commercial units covering 20,000 sq ft each, or two units of 40,000 sq ft and 20,000 sq ft respectively.
"We have now started work on the next phase of our property development solution offerings, having completed major infrastructure upgrades in the airport, and building on the positivity of the 26 routes that we have restored, including six new services," Mary Considine, CEO of Shannon Group, said.
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“We are driving forward with our 2022 property development strategy at our Shannon Campus, providing quality property solutions to attract indigenous and FDI investment that will help growth in the region.
“This latest project has the capacity to attract more jobs into the region, further highlighting Shannon and the entire Mid-West region as a location for inward investment.”
Limerick-based Nautic Building Co has been appointed as the main contractor on the project, which will be located opposite the MeiraGTx facility.
The development is part of Shannon's overall investment strategy, along with its €4m refurbishment of Bays 135 and 137, and the group has committed a total of €12m to property development so far this year.
Shannon Group is the umbrella for the Shannon Airport Authority, Shannon Heritage and Shannon Commercial Properties, which is in charge of management and development of the Shannon Free Zone, among other subsidiaries.
Accounts show the group made a consolidated loss post-tax and exceptional items of €28.2m in 2020 after turning a profit of €21.6m in 2019 as turnover dropped from €79.1m to €34.3m during the first year of the pandemic when passenger numbers at Shannon Airport fell from 1.7m to 350,000.
Photo: From left to right: Ray O’Driscoll, Shannon Group COO; Mary Considine, Shannon Group CEO; Jason Quirke, Nautic MD; and Cathal Gleeson, Quantity Surveyor, Nautic. (Pic: Arthur Ellis)
