IDA commits to €12m investment with advanced building solution for Mullingar
Mullingar is one of 19 destinations selected by the IDA for the construction of an advanced building solution (ABS).
It forms part of the IDA’s four-year strategy 2021 - 2024, which has a continued focus on regional development.
It means an investment of up to €12 million by the IDA during construction of the building at IDA Business and Technology Park in Marlinstown.
Once up and running, it's understood it will provide up to 200 jobs for the area, worth an estimated €12 million a year to the economy.
That’s according to Mullingar Chamber president, John Geoghegan, who said this is something the organisation has been campaigning for over the last 10 years.
“This commitment to deliver this space in this location during this period has a potentially transformative impact on the IDA Business and Technology Park and Mullingar as a location for business growth,” commented Mr Geoghegan.
“The delivery of an Advanced Building Solution is a proven path to success - where this investment is funded in full [by the IDA] and the solution is delivered in parallel, or before, agreement is reached with a potential occupier.
“The fact that it will be built removes a substantial barrier to entry from new market entrants to locate in the town because, put simply, the building will be built and ready for them.
“This model has proven knock-on economic effects for the town in which it is located and returns multiples of the capital invested to the local economy and state via income and corporate taxation and job creation in a central Ireland location that is all to often overlooked in these situations.”
Minister Peter Burke, with responsibility for Local Government and Planning, welcomed “this very positive step” for Mullingar.
“I first raised the possibility of an advanced building solution for Mullingar with IDA management in 2017, as I believe it is imperative for our growth.
“When investors come in and have a choice of sites to locate, as has been the case, if one place has a shorter lead time for a client to set up, it has a huge advantage.
“Mullingar has a lot going for it in relation to proximity to Dublin - our road network, broadband infrastructure and a top-quality workforce and we must hold our State agencies to account.
“If we can get this right, it will result in increased investment and quality job growth which has always been one of my top priorities in politics.
“I continue to liaise with the Tánaiste, the IDA and stakeholders in relation to the next step on this project, and I thank local power houses like John Geoghegan for constantly pushing Mullingar and generating innovation in our town.”
Trade minister Robert Troy joined in welcoming the news, adding that it was a “very positive commitment” by the IDA.
“It is something I and to be fair others, have advocated for some time now.”
Deputy Troy said a regional launch is planned for Mullingar later this quarter.
The IDA “Driving Recovery and Sustainable Growth 2021-2024” strategy, launched by Tánaiste Leo Varadkar, is a 57-page document outlining a number of key commitments to the Midlands region.
The strategy outlines that the IDA has 44 client companies in the midlands region [Westmeath, Longford, Offaly and Laois] and that these employ 6,308 people with 35% growth in the past 5 years.
There is a stated commitment to deliver Advanced Building Solutions in Athlone, Longford and Mullingar in 2021-2024 as well as to lodge for planning permission for an ATB in Tullamore as well as to acquire additional sites in the region and progress or commence upgrade works at IDA Parks in Athlone, Mullingar and Tullamore with a target for 25 investments in the region during this time.