£500m development to breath life into North West

The £500 million project aimed at attracting more than 8,000 new jobs to Londonderry over the next 12 years is set to dramatically shape the city of the future.

Londonderry Company, McCormick Properties plc unveiled their scheme at a launch on the River Foyle Thursday July 4 attended by civic and business leaders in the city.

The project entails the building of 30 modern, high specification, office-type buildings on both riverbanks and out over the River Foyle for more than a mile.

The planning application for Phase 1 of the development is expected to be ready for submission to the Planning Service early in 2003.

McCormick Properties itself will be one of the first tenants of the new office space and even before going public, it has already received expressions of interest from a number of businesses intending to locate in the quayside development.

Chairman and founder of McCormick Properties, Gerry McCormick, said: "We want the scheme to help re-integrate the city both physically and socially. This scheme will pump major investment right into the city centre - £250 million into each riverbank.

"When completed, it's estimated the project will generate more than £12m annually in additional rates – approximately £5 million being the share of Derry City Council.

"More jobs in the city will spread new wages right through the whole north west economy. The very building work alone will create about 750 jobs a year for ten years."

The Chief Executive for the project, Colm Cavanagh added: "It's one of the most imaginative and innovative schemes I've ever worked on. It will open up a whole new era for the north west in the 21st century."

He says what the city needs most are jobs - and the present multinationals operating in the Londonderry area declare themselves well satisfied with the quality of the workforce.

He concluded by saying this was a scheme which would bring employment right back into the spectacular riverfront of the city centre. (MB)