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It's full steam ahead for Belfast Port
The Port of Belfast has published its new five-year Corporate Plan, detailing ambitious capacity expansion plans on the back of strong financial results for 2006.
 According to its 2008 – 2012 Corporate Plan, capital investment by the Port is expected to increase to c.£40m next year as part of a 18-year, £630m expansion plan funded from the Port’s own resources. According to an independent economic impact report launched in July 2007, such significant investment is required to cater for a projected doubling in the level of traffic handled by the Port by 2025.
The Port’s 2006 Annual Accounts meanwhile recorded another record breaking financial performance with profit before taxation jumping by 13% to £18.7m. The Accounts also noted that last year capital investment rose by almost 9% to £13.6m.
According to Len O’Hagan, the Port’s Chairman: “Over the next 18 years the Port of Belfast will undertake one of the most extensive and ambitious investment programmes in its history – rivalled only by the opening of the Victoria Channel in the 1840s which heralded the creation of the modern port.
“Last year represented another high water mark in the Port’s financial and operational performance, laying the basis for the 2008 – 2012 Corporate Plan, during which period the Port expects to invest £160m in Port development, ongoing regeneration of the Harbour Estate and co-promotion of Titanic Quarter.
“All of the Port’s profits are committed to new investment projects and our aim is to provide enhanced facilities for customers and the local economy, and accelerate the Port’s role as a major driver of economic activity and regeneration in Northern Ireland.”
Major port developments reported in the 2006 Accounts include the opening of an 11.5 acre Belfast Container Terminal for Irish Continental Group and the completion of a 38,000 sq ft facility for Menzies which distributes newspapers and magazines to 1,700 customers across Northern Ireland.
In 2006 work also commenced on the first phase of development at Titanic Quarter including a 150,000 sq ft Gateway Office and the mixed use ‘Arc’ development providing 475 apartments and 36,000 sq ft of retail space.
More recently Titanic Quarter has received outline planning permission for 3.3m sq ft of mixed use floorspace as part of phase two developments, and both the Public Record Office of Northern Ireland (PRONI) and Belfast Metropolitan College have announced that they will be relocating to the site. The Port is also hopeful that the Titanic Signature Project, which recently lost its bid for Big Lottery funding, will still be delivered in time for 2012, the centenary of the Titanic’s loss.
Capital investment projects during 2008 will include the completion of a new £35m facility for Stena Line at Victoria Terminal 4, extension of the Port’s deep water berth, road improvements and general infrastructure projects.
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