A MULTI-million euro action plan is being drawn up to refurbish more than 200 abandoned factories that have passed into the ownership of the newly constituted Shannon Group.
The industrial units which were owned by the former Shannon Development agency are now the subject of a five-year strategy to deal with its huge portfolio of 52 industrial estates made up of 400 properties, more than half of which are empty.
The news that plans are at an advanced stage was broken to the Dáil Committee on Public Accounts which also learned that 33 employees of the company collected €3,439,000 between them on early retirement.
Shannon Group chief executive, Neil Pakey, told the committee that the retirement packages were funded by state grants and would in just over a year’s time pay for themselves by saving €2.7 million in salary costs.
Managing director of commercial properties, Ray O’Driscoll, said that up to 57 per cent of properties or around 230 buildings and lands were vacant, many of which will need demolishing or upgrading.
The accounts show that Shannon Development had a deficit of €1.6 million in its final year and its tourism business brought in the most revenue at €11.2 million.
The company overseeing the redevelopment of the Shannon region has said over half of its properties remain empty and that many need to be demolished or upgraded.
Mr Pakey told the committee that “clearly, there are good investment opportunities out there. It is a matter of identifying the right opportunities and stimulating the market.
“The biggest challenges are probably related to growth and investment and having a business model that is fit for purpose”, he said.
