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11/04/2019

Key Appointments Drive Forward Major Waterford Developments

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The Waterford North Quays and Michael Street developments have taken a huge step forward with the appointment of a number of key advisors.

Falcon Real Estate Development Ireland, the company backing the major schemes, announced the leasing agency and design team for the project.

Cushman & Wakefield, a leading global real estate service firm, will serve as the leasing agency for the entire project, taking responsibility for the commercialisation of the retail, office, residential and hospitality components and a leasing campaign targeting potential retailers which is already underway.

The design and build-out team includes: Carron & Walsh as both project manager and quantity surveyor; Echo Architecture as executive architect; BMA Planning as planning consultant; and Harrington & Partners as the technical architect. Punch Consulting Engineers has also been selected as the civil, structural and traffic engineer and also the health & safety consultant. BDP is the mechanical and electrical engineer and JGA will be the fire engineering consultant.


When complete, the €350 million scheme will comprise a sustainable mix of 46,900 square metres convenience & comparison retail facilities, leisure, dining destinations and a Waterford Visitor Experience. It will also include a 200-room Four Star Hotel & Conference Centre, 15,000 square metres prime Office space, and 300 riverside apartments, which will be delivered in phases over three to five years.

The mixed-use scheme is also anticipated to deliver a major economic boost to Waterford and the South East Region, creating 2,500 full time roles during development and an additional 4,500 indirect jobs.

Falcon Real Estate Development expects work to begin on the project by the end 2019.

"The proposed scheme makes for an exciting addition to the South East Region and comes at a time when there is a particular focus on how people shop," said Karl Stewart, Head of Retail, Cushman & Wakefield Ireland. "It's no longer about the basics, it's about providing an exceptional retail experience for customers and ensuring best in class amenities & services are all under one roof. The emphasis on this development will be to ensure a diversity of mix with a strong leisure and food & beverage offer but also creating a real state of the art environment. Despite the challenging retail environment Cushman & Wakefield believe that well positioned retail developments will continue to attract both indigenous and multinational retailers."

The planned integration of the schemes with the existing urban centre of the City will confirm Waterford as the Gateway City of the South East Region, increasing regional and national visitation and tourism, and will serve to reverse regional economic leakage. Combined with the forecasted 2040 population growth of 181,000 people for the South East, the retail market size in the South East is expected to grow from €3.49 billion in 2015 to €6.30 billion in 2025.

(CM/MH)

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