Building on success

Docklands authority plans to double spending

Spending on infrastructure and social generation projects in Dublin's docklands will double over the next five years, according to Dublin Docklands Development Authority chairman Lar Bradshaw.

More than €5 billion has been invested in the docklands area by the public and private sector since the establishment of the authority in 1997, with a further €5 billion to be spent by 2012.

Last year, the authority made an operating surplus before discretionary spend and after interest of €47.6 million, due largely to a significant increase in revenues from Grand Canal Harbour. When not-for-profit spend is accounted for, the surplus is €41.5 million.

The authority's net worth at year-end was €149.2 million with Grand Canal Harbour, the CHQ (Custom House Quay) building at George's Dock and the former Readymix site, which was purchased in 2006, being the three primary assets. This compares with €22.5 million at May 1997 when the authority was formed.

Grand Canal Harbour was the primary source of income in 2006 and generated the bulk of the annual turnover of €84.8 million. Not-for-profit spend amounted to €6.1 million, primarily directed at public works on the riverside including the provision of new mooring facilities, initial costs for the Seán O'Casey Community Centre and other amenity works in the area.

Spending on community development programmes was €3.5 million.