McCormick Properties - Industrial Development - Derry, Elagh Business Park

Date: 15 Jan 2003

"Derry's newest business park, the high quality, 27-acre Elagh Business Park at Buncrana Road (running along Derry's border with County Donegal in the Republic of Ireland) is now more or less full", says Colm Cavanagh, of McCormick Properties plc the Derry-based development company.

Passers-by in recent weeks have seen the beginning of the infrastructure being installed: the roads and services. "There will be landscaping and substantial treeplanting", says Cavanagh "and the first site is expected to be handed over to the tenant at the end of next month, January 2003.

"This area is the only business zoning on the west bank of the Foyle and most of the sites are now at contract stage", adds Cavanagh. "Five north-west companies will be taking 17 acres and the remaining 10 acres are under discussion with a multinational company. It will be primarily a distribution and wholesale centre."

Letterkenny (Co Donegal)- Derry(Northern Ireland)have been designated as a growth area in both Northern Ireland's " Shaping Our Future" and the recent Republic of Ireland's "National Spatial Strategy" policy documents.

McCormicks next plan to submit the Planning application for Phase 1 of its major Stg £500 million FOYLE PROJECT by April 2003. Phase 1 will comprise 400,000 sq ft of new office building in Derry's city centre harbour regeneration scheme. Two buildings (100,000 sq ft each) will stand on piles over the water along each bank of the Foyle and will be joined by a new foootbridge spanning the 250 metre-wide river.

Discussions are already taking place with potential tenants for the buildings which are planned to open in 2006.

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