Athenry’s €36m industrial site rented out for €16,000 a year – to graze sheep

A greenfield site in County Galway that was purchased for €36 million during the Celtic Tiger property boom is being used to graze sheep – with a pittance of a return.

In each of the past three years, the IDA has earned just €16,626 in annual rent for the 208 acre site in Athenry.

The land on the edge of the town was purchased from Teagasc in 2007, with a view to establishing it as a hub for multinational pharmaceuticals and technology companies.

The IDA’s main objective is to encourage investment into Ireland from foreign companies. However, the prime site is used for grazing sheep.

Documents released to the Connacht Tribune following a Freedom of Information (FOI) request reveal that €16,626 was earned by the IDA from sheep grazing on that parcel of land in each of the years 2014, 2015 and 2016.

The site in Athenry is the only IDA-owned land in Galway that is empty and being rented out for grazing of sheep, according to the documents.

During those three years, there were some 102 visits by potential investors to Galway, including 19 in 2014, 41 in 2015 and 42 in 2016. The IDA did not say how many of those investors were brought to Athenry. It is understood there is a termination clause in the letting contract, which would allow the IDA to immediately use the site for Foreign Direct Investment if an investor was found.

One of the benefits of allowing the lands to be leased is that it eliminates the cost of security and maintenance of the extensive site.

See full story in this week’s Connacht Tribune.