Simonds Farsons Cisk plc - Farsons Business Park
On 20 June, Simonds Farsons Cisk plc issued an announcement outlining the Group’s vision with respect to the re-use of the non-operational land in a bid to further enhance shareholder value. The parcel of land is located on the front on the Mriehel site and measuring around 23,000 square metres. The Board of Farsons confirmed that it is committed to pursue various property development options for this land within the new ‘commercial’ zoning status of the area.
At this stage, Farsons announced that its vision is for a high quality destination to be known as the ‘Farsons Business Park’. When fully developed, the project is envisaged to comprise 45,000 square metres of commercial development including 10,000 square metres of retail and service areas, bars and restaurants as well as a 30,000 square metre business centre complemented by a car park for over 1,000 cars.
Implementation of this project is likely to be carried out in a phased manner over a number of years, and would be dependent on the feasibility of each element of the project as indicated by studies which will be commissioned and updated going forward. Farsons explained that it will start discussions with potential partners and other stakeholders. The initial development phase would likely include the heritage aspect, incorporating the old brewhouse into a new Farsons Visitors Centre. Discussions are ongoing with various stakeholders including Heritage Malta, so as to optimise the heritage, culture and tourism potential of such a visitors’ centre.
Over the next eighteen months, the Board of Farsons will be conducting further studies and decide on how best this vision can be turned into reality.
In anticipation of the start of this project, the Board is currently engaged in analysing the various options potentially available to restructure the Farsons Group in a manner which would allow the necessary focus and expertise for the implementation of the redevelopment project. One option under consideration is the restructuring of Trident Developments Limited as a PLC in its own right to undertake this investment.
A concept of the Farsons Business Park was presented to shareholders following the 66th Annual General Meeting held on 20 June 2013.