Local Politicians to Vote on €30 Million Investment for Waterford Airport

Local politicians in Waterford will convene on March 15, 2024, to vote on a proposal that could revive Waterford Airport for commercial flights for the first time in a decade. The plan involves transferring 207 acres of airport land, currently owned by Waterford City and County Council, to a private operator. The expected outcome is significant private sector investment, estimated at up to €30 million, which could reinvigorate the airport’s operations.

Councillors are being urged to approve the land transfer, despite concerns about the identity of the investor, who remains undisclosed. According to a briefing document from council chief executive Seán McKeown, the lands are valued at approximately €2.295 million but would be transferred for a nominal fee of just €50,000. This approach aims to facilitate the entry of the unidentified US investor, who is expected to provide the substantial funding necessary for the airport’s revival.

For the past several years, Waterford Airport has seen only private flights and aviation training, with no commercial operations since a route to Luton ended in 2016. McKeown stated that the investor has “significant business interests” in the United States but will remain confidential during the initial stages of the investment. The proposed investment is crucial, as it aims to expand the airport’s runway and facilities, similar to successful models at airports like Knock in County Mayo and Shannon in County Clare.

Investment and Development Plans for Waterford Airport

The development plans include an extension of the existing runway by 491 metres at the northern end and 363 metres at the southern end, resulting in a total length of 2,287 metres. This enhancement would accommodate larger commercial aircraft, thus attracting more airlines to operate from Waterford. Additionally, the runway will be widened from 30 metres to 45 metres, which is anticipated to be a part of the €30 million investment proposed by the US investor.

Under the same proposal, a new car park with 205 spaces is planned to support increased airport traffic. To ensure that the investment proceeds as intended, McKeown emphasized that the majority of the lands would be restricted to aviation-related uses for 50 years. This stipulation aims to secure the future of the airport and prevent any potential misuse of the land.

An “anti-embarrassment” clause will also be included in the contract, requiring that if Waterford Airport Ltd sells the land within seven years, 50% of any net profit from that sale would be returned to the council. This measure is designed to protect the interests of the local government and ensure that the investment translates into tangible benefits for the region.

Future Prospects Amid Previous Challenges

The upcoming vote represents a turning point for Waterford Airport, bringing an end to a prolonged period of uncertainty regarding its future. Two years prior, there was optimism when the Comer Group, run by billionaire brothers Luke and Brian Comer, committed €12 million towards runway expansion. However, Waterford City and County Council has since confirmed that the Comers are no longer pursuing their investment plans, leading to the current focus on the mystery US investor.

The rising costs of construction due to inflation have resulted in the airport expansion budget doubling to approximately €30 million. As local councillors prepare for their vote, the outcome could significantly impact the region’s connectivity and economic development. The potential revival of Waterford Airport aims not only to restore commercial flights but also to enhance the local economy and create jobs in the area.

In summary, the decision awaiting local politicians is more than just about land transfer; it is a critical step toward revitalizing an airport that has been dormant in commercial terms for years. The results of this vote could pave the way for a new era for Waterford Airport, transforming it into a viable transportation hub once again.