Irish government reveals plans for €1bn tech hub
The Irish government has unveiled plans for a €1.1bn (£0.9bn) innovation hub at Dublin’s Grand Canal Docks.
The government will put up 15% of the total cost of the Trinity College-backed project, while the rest will need to be raised from other sources such as commercial investment, borrowing and philanthropy.
The report, published today, outlines plans to build a university innovation campus in the area, as well as a circa 107,000 sq ft start-up hub for scientists.
The Irish government has unveiled plans for a €1.1bn (£0.9bn) innovation hub at Dublin’s Grand Canal Docks.
The government will put up 15% of the total cost of the Trinity College-backed project, while the rest will need to be raised from other sources such as commercial investment, borrowing and philanthropy.
The report, published today, outlines plans to build a university innovation campus in the area, as well as a circa 107,000 sq ft start-up hub for scientists.
The taoiseach said: “The financial model provided by Trinity projects that government support of 15% of the overall cost of €1.1bn, spread out over a number of years, would be required to realise the innovation district campus and to underscore the importance of the project to the country, while also unlocking support from private sector investors.”
However, the report also warned there are potential downsides to the project, including infrastructure issues and accommodation shortages: “It is recognised that a plan of this ambition carries risks and uncertainties. There will be legitimate concerns about escalating costs in relation to any major infrastructure project.
“If not properly structured, it could lead to overdevelopment within Grand Canal Quay and it may not deliver the intended benefits. It could accentuate accommodation pressures and could displace investment from other parts of Dublin and Ireland.”
However, it added that an “ambitious innovation district” could help position Ireland for “future investment in an unsettled post-Brexit environment”.
The news comes as Ireland continues to attract high-profile tech firms to Dublin. The city’s docklands district has become a magnet for big tech firms, and the resulting activity of this sector led to the lettings market reaching 3.7m sq ft in 2018, the highest level on record, according to Savills. Big name occupiers include Google, Facebook, Apple and Amazon.
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