Welcome shot in the arm for Dún Laoghaire economy as disused ferry terminal can be turned into a co-worker incubator space that could house 650 employees and generate €750m in wages.
Earlier this week Dún Laoghaire Rathdown (DLR) County Council gave the go-ahead to see the former ferry terminal that has lain idle for seven years leased as a co-worker incubation space that will open later this year.
Under the agreement, Quartermaster Innovations will lease the disused building for at least 13 years.
“The project has the capacity to generate more than €750m in wages over the project life and create an ecosystem that will change the future of all the client companies”
Councillors voted 35 in favour with five against.
Quartermaster Innovations will pay rent to the council of €400,000 per year starting in year two.
According to an article in Afloat magazine in March, Lapetus Investments Ltd, trading as Quarterdeck Innovation, envisions a “co-working innovation space” within the St Michael’s Pier terminal building in Dun Laoghaire Harbour.
It intends “to create a technology hub whereby small and medium-size businesses can collaborate in a community-based environment that promotes and fosters entrepreneurship, through a spirit of innovation and creativity”.
The project team is led by accountant Hilary Haydon, a past president of Dun Laoghaire-Rathdown Chamber of Commerce and DLR Local Enterprise Office evaluation committee member.
And it’s hoped the scheme could create more than 650 jobs after five years in the south Dublin port town
Commenting on LinkedIn, Owen Laverty, head of Enterprise and Economics for Dún Laoghaire Rathdown described the vote as a “meaningful intervention” for Dún Laoghaire town and DLR.
“The Ferry Terminal, which has been long term vacant since Stena Lines pulled operations from the harbour seven years ago, will soon be home to more than 600 employees in the Start-up and SME sector.
“The project has the capacity to generate more than €750m in wages over the project life and create an ecosystem that will change the future of all the client companies.”