The IDA is selling off four more of its factories. It plans to dispose of a further 21 units in small batches over the next year. John Moran, of selling agents Jones Lang LaSalle, said the IDA expects to secure more than £20 million from the sale of the 25 factories.

The leases on the factories going for sale have between 12 and 30 years to run. The current tranche comprises a 66,000 sq ft factory in Mervue Co Galway; 25,000 sq ft in Youghal, Co Cork; 109,000 sq ft in Clonshaugh, near Coolock in Dublin, and a 120,000 sq ft unit on the Donore Road, in Drogheda. The units are producing a combined rent of over £1.1 million.

Two units in Waterford have been withdrawn from those advertised for sale.

The IDA is continuing a policy started in 1996 of selling its factories, and encouraging private enterprise to build new units. To date, the IDA has sold 1.6 million sq ft of factory space for over £35 million.

Before putting factories on the market, the IDA normally offers the tenants first option to buy. It is currently waiting for tenants to decide whether to acquire a further 23 buildings. An IDA spokesmam, Colm Donlon, said this will complete its efforts to move out of the business of holding property. Under a new system, it will buy sites and develop infrastructure along with the local authorities. Units would then be built by private developers to specifications approved by the IDA.

Mr Donlon said that until recently, developers had been interested only in sites in the major cities, but the IDA was now developing sites in towns in every county as part of a strategy to spread development.

Potential clients come from a wide range of industries, including IT, tele-communications and pharmaceutical firms.

The success of the Citywest business park, in west Dublin, which has become a focal point for a high volume of new companies, is seen as a model which the IDA hopes to replicate in other parts of the State.