"These are boom times in Limerick, you only have to look out at the number of tower cranes across the city skyline," says 32-year-old corporate financier, Derick Walshe. The Limerick man is in a good position to keep up with the city's rapid growth as his company, First Capital Corporate Finance, occupies the third highest floor on Ireland's third highest building, Riverpoint overlooking the Shannon and the entire city.
The nine-strong team of First Capital - which describes itself as a boutique corporate finance firm - moved into the 11th floor of Limerick's highest building only three weeks ago.
The company is currently the sole occupant of the €80 million scheme which, once complete, is expected to accommodate 1,000 people.
First Capital succeeded in putting in place the financial packages that sold out the 13 floors of Riverpoint in less than six months. "Limerick has got a huge boost out of urban renewal and this is a real landmark building," says Walshe.
Riverpoint was built by Fordmount Properties Ltd, a company operated by Michael Daly, who along with Walshe, is one of the two directors of First Capital.
In 2003, the two left Grant Thornton to establish the group and Walshe claims that the company is only one of two corporate finance houses based outside Dublin. First Capital specialises in national and international property investment consortiums, tax-based property investments, fund-raising, project finance, business planning, and consulting and wealth management.
Walshe says: "We have a very good group who are highly experienced and they know what they are at. There is a substantial deal flow in the pipeline.
"We are inundated with the amount of developers who have good product, and they want us to structure their deals.
"We don't have the resources to do the amount that we are asked to do, so we select the products that we feel are quality locations, quality developments and quality tenants. If all those factors are there, we go and do them."
He added: "We want to keep the quality and we want to keep a tight, highly qualified group, because we are a niche player, you can expand and lose the quality."
Since they started up in 2003, First Capital has been involved in deals worth €100 million each year, according to Walshe.
"We would have 500 clients spanning a range of industry sectors including healthcare, construction, tourism and leisure, retail and technology. In our start-up year, we would have made modest profits, while this year our fee income would be €2.5 million.
"The midwest is a great place to do business. We would find it very buoyant, especially Limerick. It is a very vibrant city and vibrant area," he says.
The son of a labourer who worked with Limerick County Council, Walshe admits that he is very much a product of Ireland's confident, bustling economy. He says: "It is all about hitting the thing at the right time and we have done that."
Walshe believes that the Government's policy of tax breaks is a good one, rejuvenating derelict areas and increasing employment in the building and hospitality sectors.
However, he fears that the July 31st deadline next year for the completion of developments driven by tax breaks is creating a false economy in the construction sector.
"The Government should extend the deadline by 12 to 18 months, because there are a lot of good projects out there that may struggle to meet the deadline," he says.
He adds: "I can see why the Government would like to equalise the situation in relation to various tax breaks because there is a perception out there that a lot of high-rollers are not paying tax.
"But people contribute in different ways to the economy through job creation and stamp duty monies, for example.
"The middle-class - if they don't take account of tax product - do pay a lot of tax, so I think it reasonable that they avail of tax breaks."
Walshe does not believe that the property market is overvalued.
He says: "It may be a Dublin phenomenon, but in Limerick? No, there is no evidence of that. I have no fears about the property sector."
