THE OVERALL viability of the Port of Cork could be seriously hit if the company has to take on the cost of relocating its operations at the city quays to make way for the billion-euro redevelopment of the docklands, a planning hearing was told yesterday
Under Cork City Council’s plans for the development of the South Docklands, the Port of Cork would have to relocate from the city quays and Ford’s Wharf, at a cost of €58.3 million.
However, the port company has vowed to stay in the quays and resist any relocation attempt until the funding is put in place.
The port has appealed to an An Bord Pleanála the application by Cork City Council for a proposed new road network involving the construction of two bridges to facilitate the docklands development.
Ger Lyons of Deloitte and Touche told the oral hearing in Cork yesterday that he had undertaken a financial analysis of Port of Cork operations which would be affected by the bridges.
“It is estimated that relocating the operations currently undertaken at both the city quays and Ford’s Wharf will cost in the region of €58.27 million,” Mr Lyons said.
“Where the capital cost is largely funded through debt, the financing will have a significant impact on the debt position of the Port of Cork and potentially the overall viability of the business.”