ICC Bank has formed a joint venture with Cork businessman Mr Gerry Wycherley to develop a 50 acre site adjacent to Cork Airport for industrial use. The site has already been zoned for industrial development and is one of the locations given special tax status by the Government last week.

A spokesman for Mr Wycherley was unable to give details of the joint venture, but the plans for between 600,000 sq ft and 700,000 sq ft of industrial space will involve an investment of around £40 million. Given its location adjacent to Cork Airport, companies which require proximity to an international airport are likely to be targeted for the proposed development.

Mr Wycherley, who was responsible for the development of the former Ford and Dunlop sites at the Marina Commercial Park, said that the next step would be to promote the new park to overseas investors. The joint venture company, Omnistone, is to look for full planning permission and will have discussions with Aer Rianta and other interested parties.

Omnistone bought the site last December and will have to aggressively promote the park if it is to complete the project within the three year deadline required under the new tax designation status.