A €500 million investment development programme will be delivered over the next five years in Limerick.

As the single biggest development initiative to be undertaken outside of Dublin, the Limerick Twenty Thirty Strategic Development DAC (Designated Acvitiy Company) will deliver transformational infrastructure across four strategic sites in the city.

A total of 1.4 million sq ft of prime real estate will be prioritised for redevelopment, with the capacity to create over 5,000 jobs by 2021. Close to 5,400 of these posts will be full-time posts across various sectors including financial services, retail, med-tech, and IT, while the remainder are construction jobs.

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The Limerick Twenty Thirty company, led by Executive Chairman Denis Brosnan, will redevelop each strategic site into office, residential, education and enterprise space.

The four key sites are:

• The 112,000 sq ft Gardens International Office on Henry Street

• The 550,000 sq ft Opera Site at Rutland Street

• The Cleeves Riverside Campus on the banks of the River Shannon at Fernhill, comprising eight acres and 100,000 sq ft of existing space

• The 340,000 sq ft Troy Studios Film Hub in Castletroy, where an €8m fit out is nearing completion ahead of the commencement of production.

Minister of State for Tourism and Sport, Patrick O'Donovan, said: "The establishment of the Limerick Twenty Thirty company to create world-class commercial, retail, enterprise, and education facilities, as well as residential space, will take Limerick – a city already on the up – to new heights.

"The fact that it is plan-led, as distinct from developer-led, will mean the city and county are planned strategically and that the infrastructure and investment is exactly what Limerick needs."

(LM/JP)