A £19 MILLION extension at a Co Down business park has failed to create a single job in three years.
A month after the Irish News reported how a similar park in Co Tyrone has failed to attract businesses despite a £6m investment, Invest NI is under the microscope again for its role in Carnbane Business Park in Newry.
Carnbane was first developed in 1999 and the 66-acre site represented an initial investment of £4m in the economic infrastructure of the area.
Since then three further phased developments were carried out in 2002, 2005 and most recently in 2013.
The 2013 development followed the purchase of 72.7 acres of land in 2010.
To date, including development works, this represents a total investment of £19,200,000 in six years.
Since the construction works at the extension were completed in September 2013 no business has been attracted to the site, though Invest NI has received 14 expressions of interest.
There are currently over 21 acres of usable land available with a further 30.7 acres available for potential development.
The cost of renting land at the business park is £8,800 per acre per annum. Most businesses, however, choose to acquire a serviced site, the current cost for which is £110,000 per acre at Carnbane.
The figures were released to the Irish News following a Freedom of Information request.
SDLP councillor Gary Stokes said the £19m investment did not represent value for money and questioned whether Invest NI was doing enought to sell locations outside of Belfast to potential investors.
"There's a general perception out that if you turn on the TV there's a new business sponsored by Invest NI opening in Belfast almost every week. If a few of those were directed down to Newry the impact would be huge," he said.
"I do think though there's still an opportunity to do something about the vacancies at the site. I don't want to say that Invest NI shouldn't be investing money, it is just you have to wonder do they work to fill the place?"
In response to the figures Invest NI highlighted the success of the previous phases of the park.
"The Carnbane industrial area is a well-established commercial business location in Newry with a large number of highly successful businesses located within it.
"Due to this success Invest NI purchased additional land to extend its Carnbane Business Park, and has invested in preparing the site, seeking outline planning permission and installing services to make the land as accessible as possible for businesses considering Newry as an investment location."
In response to the fact no business has come on site since 2013, Invest NI said it markets Carnbane Business Park to 'both indigenous and foreign investors' and it takes time for companies to move in.
"There has been a good level of interest from businesses to locate within the extended area but it can take a number of years from initial expression of interest to a business making the final decision to proceed.
"During this time a business will need to ensure it has full planning permission and the necessary finances. The timing of this is driven by the business.
"At any point during this time, however, a business may decide not to proceed for any number of reasons and these are outside of Invest NI's control."
