Plenty of commercial schemes in the pipeline for Waterford

Des Purcell is a leading commercial property auctioneer and has brokered many of the major deals that are igniting a construction boom in Waterford.

He says: "The outer ring road, the arrival of the bypass and the second river crossing will transform the city and its environs over the next five years."

The city centre has already benefited from enlightened development by the city council which has pedestrianised some of the main shopping streets, funded the installation of major pieces of sculpture and created a new public space called John Roberts Square.

John Andrews of the city council believes that "enhancing the public realm has made the city more attractive for both shoppers and investors".

The big existing city centre shopping complex, City Square (owned by Bank of Ireland Asset Management and managed by Douglas Newman Good), has about 50 units. It comprises about 14,864sq m (160,000sq ft) of retail space and has covered parking for 500 cars.

Manager Alan Weston says that footfall equivalent to "eight million people will pass through the centre in 2006".

While acknowledging that competition, both in the city and regionally, is increasing, Weston is confident that City Square will be able to compete with the newcomers. And they're coming in droves.

KRM Construction Partnership, a consortium of Wexford businessmen, last month lodged a planning application for a €280 million city centre development that will create 1,300 jobs on completion, and over 600 jobs during the construction phase.

The 5.1-acre site bordering Michael Street, New Street, Stephen Street, and Brown's Lane will feature 60 shops, including three anchor units, a 150-bedroom four-star hotel with a substantial conference centre and leisure facilities, apartments, cultural facilities and underground parking for 600 cars.

The company's chief executive, Paul Miskella, says they are in discussions with a large number of Irish and overseas retailers, the vast majority of which are not currently trading in Waterford.

Parker Green International, a Newry-based property development and investment company, paid €33 million for a 22-acre site in Ballybeg. The lands were rezoned from recreational to commercial prior to purchase.

The company lodged a planning application with the council in August to invest €300 million to build Crystal Village, a development with retail, leisure, office and residential zones.

Parker Green, established in 1996 by Dr Gerard O'Hare, has built The Quays Centre in Newry and Fairgreen Centre in Carlow.

Crystal Village expects to "create over 1,000 jobs with at least 400 jobs in the first phase of the development" says a spokesperson for Parker Green who believes its design is "a breath of fresh air in comparison to standard tin-roofed retail parks". The plans include "a centre court consisting of a sunken amphitheatre, and an iconic crystal-like building designed to reflect and honour the handcrafted, Waterford Crystal industry".

The scheme will also incorporate a multiplex cinema, clinic, offices, shops and a hotel.

A consortium of Cork businessmen, led by Toyota dealer Bill Keary, is developing Railway Square on the site of the old railway station. The construction of a €65 million complex is nearing completion and includes retail space with Supervalu as the anchor tenant, offices, 100 apartments, an eight-screen cinema and car-parking.

Six Crossroads Real Estate Ltd, a unit of the Harlequin Group owned by Gerry Conlan of Naas, owns 128 acres on the ring road in the Kilbarry area. Some of this land is being developed for residential while work is also underway on the 10.8-acre Waterford Retail Park. This will have a 4,645sq m (50,000sq ft) anchor unit and six smaller shops. The company intends to develop the remaining 100 acres with a mix of residential and commercial.

Edward Holdings, headed by Galway developer Gerry Barrett, paid €45 million for a 32-acre site on the ring road. Much will be expected from this company which has a reputation for style and innovation (such as the G hotel in Galway, apartments and townhouses at Edward Square in Donnybrook, and the EYE cinema in Galway).

Barrett has hired architects Douglas Wallace to design a major development called "F1RST C1TY". It is expected to consist of a retail warehouse; a 12-screen cinema; a hotel/conference centre; office space; a shopping centre and 200 homes.

One of the most closely watched developments will be the renovation of the North Quays where a 13.5-acre site was sold by the Port of Waterford last year for €35 million to Cork-based O'Brien & O'Flynn Ltd.

Finally, on the north side of the river, in the suburb of Ferrybank, Deerland Properties is planning another shopping centre and car-park.