Dock land may be sold to fund development
Property in the city's docklands district may be soId off to help fund port develapments along the Shannon Estuary.Shannon Foynes Port Company, who control the entire waterway from the city to the sea, are reviewing all of their property in advance of a €100m plus investment programme because the Government won't give them any money.
At present the company are lumbered with a €11m debt and need to find €1.1m a year to fund the pensions of former employees. They made a small profit last year, but further expansion is needed, according to chief executive Brian Byrne.
The campany was formed in 2000 combining the oId Limerick Harbour Commissioners, Foynes Harbour Trustees and the small Kilrush harbour operation.They own substantial land and properties in Limerick and Foynes and other pockets in other areas.
These are now being studied and valued to see what are surplus to requirements "to facilitate a major investment in the company's core business infrastructure Dc to increase capacity, storage and overall throughput," according to the company.
"Government and independent reports have identified investment in modern port facilities as critical to the future prospects of the MidWest and to the Irish economy at large," said Kieran McSweeney; company chairman.
Shannon Foynes Port Company own and operate Foynes, Limerick Docks and Shannon Airport aviation fuel jetty and manage, and derive income from the marine facilities at Aughinish Alumina and at the Moneypoint and Tarbert ESB stations.
They also manage the navigation and pilotage of the entire 60 mile waterway.