Oireachtas Joint and Select Committees
Thursday, 9 October 2014
Public Accounts Committee
2013 Annual Accounts of Shannon Free Airport Development Company
12:35 pm
Mr. Ray O'Driscoll:
Rental income in 2013 was down by about 4% or 5% on the figure for the prior year. Almost 60% of the rental income comes from the Shannon Free Zone where we have our largest portfolio, while the balance comes from the full range of properties in the dispersed property portfolio. Our goal now, given that rental income has declined in the past couple of years, is to arrest this decline. We need to understand the decline is probably due to the current economic climate and the fact that many of the properties are not necessarily fit for purpose in today's business environment. That is where our focus on redevelopment and reinvestment will be. We will focus, in particular, on what we consider to be our core properties, including the Shannon Free Zone and our technology parks. With further investment in these parks, we believe we can grow rental income in the years to come.
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