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The Dublin Airport Authority (DAA) has announced plans to build a new EUR 4bn business district in Ireland's capital. The development would cover a 350 acre area near the existing terminal and would include 600,000 m² of office space and 40,000 m² of retail, hotel and conference facilities. Dublin Airport City would create up to 30,000 new jobs and add EUR 1bn annually to the Irish economy. An additional 2,000 construction and fit-out jobs would be created over the 15 to 20-year construction period of the project.

While funding hasn't been obtained yet it is expected to come from a combination of sources and will be independent of the current EUR 2bn investment programme currently underway at the airport. Master-planning for the project was developed by international architectural firm HOK and its financial advisors are Rothschild and KPMG. CB Richard Ellis is the property consultant for the project.

Declan Collier, chief executive at DAA, commented: 'The clustering of travel intensive businesses at Dublin Airport City will sustain the ongoing development of Dublin Airport. Crucially, it will help the airport maintain its status as one of the most competitive airports globally and position Ireland as a key gateway to world economies. The Masterplan for Dublin Airport City is aligned with Fingal County Council's Local Area Plan (2006), which focuses on the growth of Swords as the region's principal population centre, on addressing the imbalance in the supply of quality office locations in North Dublin and on significant public transport initiatives such as Metro North.'