David
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Joined: 26 Jan 2006
Posts: 23
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 Posted: Tue Jul 24, 2007 10:24 pm Post subject: Dublin firm plans 400m development in Estonia |
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Taken from The Post.ie
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An Irish development group has bought more than 200 acres of land for development in Estonia for 20 million.
The group claims that this is the largest land purchase by the Irish company in the Baltic states.
Last month, Keltic Developments Group, which is run by Tallaght man John Riordan, acquired the site beside Muuga Harbour just outside Tallinn, the Estonian capital. The group says the land will be worth up to 400 million after development.
The group is to build dozens of storage units to sell or lease to companies that use the busy port, a long with a large shopping mall and 220-bed hotel, as part of a development called Nordshore Corporate Park.
The site is next to a railway line that runs to St Petersburg in Russia and the main road to the Russian city, which will shortly be upgraded to four lanes in each direction.
Work will begin on the first phase of development in February.
Plots in the park vary from 5,000 square metres to 20,000 square metres. Many warehouses and industrial units are already in the area.
Muuga Harbour is undergoing expansion with two new cargo terminals, two new quays and a mooring for service boats.
As a result, more business is expected to be generated at the port of Tallinn. About 90 per cent of cargo into Estonia -, which is transported to other eastern European countries including Latvia, Lithuania and Russia - is offloaded in Muuga Harbour.
Riordan and two other partners raised the funds to purchase the site between October and June. It will cost a further 200 million to fund the development.
Riordan hopes to secure grants from local or state authorities in Estonia.
He and his partners have extensive experience in property development, including other projects in eastern Europe, Portugal, Britain and Ireland.
This is their biggest project to date and is being marketed in Estonia by Colliers International.
The port is very busy and expanding at the moment, he said. There is not enough capacity for all the containers being shipped in, and this site is alongside it. The types of businesses we envisage availing of the units include everything from manufacturing to logistics to waste management.
Estonia has a growing GDP and property is appreciating there at 20 per cent per annum. |
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