North Quays development office and plaza. Picture: Falcon Real Estate Development
Work on the significant project planned for Waterford's North Quays is likely to start before the end of the current year, according to the company behind the development.
Falcon Real Estate Development Ireland, the company backing the Waterford North Quays and Michael Street projects, today announced the appointment its key advisors, including the leasing agency and design team for the project. With over eight hectares, it will be the largest mixed-use real estate development in the South-east,
Cushman & Wakefield, a leading global real estate service firm, has been appointed as the leasing agency for the entire North Quays project. They will be responsible for the commercialisation of the retail, office, residential and hospitality components of the project, and a leasing campaign targeting potential retailers is already underway.
Overview of the development and city. Picture: Falcon Real Estate Development
A full team has been contracted for the design and build-out of the project. The Waterford office of Carron + Walsh has been appointed as both project manager and quantity surveyor for the project.
The executive architect is Echo Architecture, an international London based firm which specialises in design and build solutions for retail and hospitality projects. The planning consultant is BMA Planning. Fewer Harrington & Partners is the technical architect. Punch Consulting Engineers has been selected as the civil, structural and traffic engineer and also the health andsafety consultant. The mechanical and electrical engineer is BDP and the fire engineering consultant is JGA.
The scheme was conferred SDZ (Strategic Development Zone) designation by the Government in 2016. Falcon Real Estate Development is currently focused on the pre-development and planning phases with a view to being site active during the last quarter of 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 and 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 and 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 North Quays and Michael Street developments will mark a major economic boost for Waterford and the South-east region. The total investment is estimated to be €350 million in the development, phased over three to five years. Some 2,500 full time roles will be created during the development of the new district, with an additional 4,500 indirect jobs.
Combined with the forecasted 2040 population growth of 181,000 people for the region, the retail market size in the South-east is expected to grow from €3.49 billion in 2015 to €6.30 billion in 2025.