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20/05/2002
H&W re-development will ‘ensure survival of ship-building’
Regional Development Minister, Peter Robinson MP MLA, has formally approved Belfast Harbour Commissioners’ request to enter into a Master Agreement with Titanic Quarter Ltd for the re-development of 80 acres of land identified as being no longer required for ship building purposes.
The Minister said that the re-development can facilitate the regeneration of a substantial area of the harbour estate, offering job opportunities, and that both H&W and BHC believe the site can also be developed for light industrial use.
Mr Robinson added: “The decision will give Harland & Wolff the opportunity to finance and thus implement its new business plan and so ensure the survival of ship-building operations in Belfast in the immediate future. It will also retain jobs and also allow the two ro-ro vessels currently under construction to be completed.”
The consultation process has also involved the Regional Development Committee, Belfast City Council, the Enterprise Trade and Investment Committee, the department of Employment and Learning, the Office of the First Minister and Deputy First Minister, the Executive Committee and the trade unions.
Enterprise Minister Sir Reg Empey MLA, whose department was closely involved in the process, welcomed the move, saying: “This means that Harland & Wolff can now move ahead with the implementation of its business plan for the shipyard through which the company will have the opportunity to become more compact, better focused and have the best chance to succeed in a competitive market.”
However, the Minister warned that there was still “much painstaking work” yet to be done to fully realise the potential in the area.
The agreement provides that public money be used to share capital costs and revenue benefits on a 50:50 basis. The deal constitutes the same share for the H&W interest on the lease that expires in 2114 as for the Titanic Quarter deal in which the lease expires in 2019.
The injection of funds into H&W Heavy Industries Ltd will be monitored by a committee of officials drawn from departments of regional development, enterprise and finance. The committee will also monitor the implementation of the company’s business plan and will be supported by PricewaterhouseCoopers.
Belfast Harbour Commissioners own about 2,000 acres of land within the Harbour Estate. Titanic Properties Ltd is the lessee of approximately 300 acres of land including the area occupied by Harland & Wolff Heavy Industries and the Titanic Quarter.
(GMcG)
The Minister said that the re-development can facilitate the regeneration of a substantial area of the harbour estate, offering job opportunities, and that both H&W and BHC believe the site can also be developed for light industrial use.
Mr Robinson added: “The decision will give Harland & Wolff the opportunity to finance and thus implement its new business plan and so ensure the survival of ship-building operations in Belfast in the immediate future. It will also retain jobs and also allow the two ro-ro vessels currently under construction to be completed.”
The consultation process has also involved the Regional Development Committee, Belfast City Council, the Enterprise Trade and Investment Committee, the department of Employment and Learning, the Office of the First Minister and Deputy First Minister, the Executive Committee and the trade unions.
Enterprise Minister Sir Reg Empey MLA, whose department was closely involved in the process, welcomed the move, saying: “This means that Harland & Wolff can now move ahead with the implementation of its business plan for the shipyard through which the company will have the opportunity to become more compact, better focused and have the best chance to succeed in a competitive market.”
However, the Minister warned that there was still “much painstaking work” yet to be done to fully realise the potential in the area.
The agreement provides that public money be used to share capital costs and revenue benefits on a 50:50 basis. The deal constitutes the same share for the H&W interest on the lease that expires in 2114 as for the Titanic Quarter deal in which the lease expires in 2019.
The injection of funds into H&W Heavy Industries Ltd will be monitored by a committee of officials drawn from departments of regional development, enterprise and finance. The committee will also monitor the implementation of the company’s business plan and will be supported by PricewaterhouseCoopers.
Belfast Harbour Commissioners own about 2,000 acres of land within the Harbour Estate. Titanic Properties Ltd is the lessee of approximately 300 acres of land including the area occupied by Harland & Wolff Heavy Industries and the Titanic Quarter.
(GMcG)
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