Agri-Business group IAWS is set to capitalise once again on the booming property market in Dublin, and is planning to sell its Bolands flour mill on the Grand Canal Dock and build a new £16 million state-of-the-art flour mill.
It is expected that this new mill will be located north of the Liffey in the Alexandra Road area of Dublin's dockland.
Sources close to the company said that this new mill will have a capacity of 150,000 tonnes a year - double the current capacity of the Bolands mill.
Modern technology will give IAWS substantial savings in the cost of producing the flour, much of which will be used to supply IAWS's Cuisine de France subsidiary.
It is understood that IAWS will not put the Bolands site on the market until the new mill is near completion. Chief executive Mr Philip Lynch said earlier this year that the strategy would be to get planning permission for housing for its various waterfront sites before offering them for sale.
Property sources put a conservative valuation of over £20 million on the Bolands site, given the surge in apartment development elsewhere in the Grand Canal Dock.
The sale of this site will be a massive financial windfall for IAWS, which got the mill as part of the takeover of Bolands from receiver, Mr Ray Jackson for £1.4 million 13 years ago.
