Sunday, 19 October 2008

Incentives clear way for relocation of Dublin Port

The government has cleared the way in the budget for the relocation of Dublin Port by announcing that it plans to introduce tax incentives to "facilitate the removal and relocation of Seveso-listed industrial facilities which hinder the residential and commercial regeneration of docklands in urban brownfield areas".

Subject to approval by the European Commission, the tax incentives will allow the removal of storage facilities for fuel and chemicals in the port, freeing up the land for development. This in turn will fund the relocation of the port away from the city centre.

Senior sources said that Irish Continental Group (ICG), which is at the centre of a takeover battle between One51 and Liam Carroll, would also benefit despite the fact that its 33-acre site is outside the Seveso area.

A source said that when the petrol tanks are relocated it will allow sequential development along the port and eventually as far as the ICG site. The Irish Takeover Panel is currently inquiring into an alleged link between the One51-led investment vehicle Moonduster and the British-based Arkaga fund regarding share buying in ICG last year.

CIE is also set to be a beneficiary, as the Health & Safety Authority raised concerns about the proximity of its proposed €1bn development of 14 acres at the CIE station in Galway to the Topaz oil storage facility and the Cold Chon tarmac facility. Their removal would free up development of that site and a Bus Eireann maintenance garage site.

In Cork, there are three Seveso sites in the docklands which are owned by Topaz, the National Oil Reserves Agency and Gouldings Fertiliser which is owned by Origin Enterprises. That means those lands can be developed by their owners while also freeing up other land in the area for development.

Sunday Tribune

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