Member Article

Port of Tyne acquire McNulty site

The Port of Tyne has acquired 10 acres of land from the Administrators of McNulty Offshore Group Holdings Limited.

The land, which adjoins its Tyne Dock is a strategic acquisition, which will help to secure the Port’s plans for growth.

The site is well known to those in the offshore sector, and provides the potential for developments in the associated wind, oil and gas sectors. The Port have already commenced talks with interested parties who would find the location extremely attractive for immediate contracts.

Andrew Moffat, Chief Executive Officer of the Port of Tyne, said: “This is a strategically significant site with deep water and like our existing operations it is only three miles from the mouth of the river and the North Sea.

“It is a unique opportunity for the Port as the site is directly connected to our existing land at Tyne Dock.

“It is vital that land like this is retained for industrial and commercial use and its acquisition will facilitate the delivery of the Port’s growth plans across our diverse portfolio of interests.”

The acquisitions will be an important addition to the Port’s Tyne Dock Estate, which currently offers 750 metres of operational quayside. The McNulty site provides an additional 250 metres.

In February the McNulty Group Holdings Limited went into administration. In the short term the sale includes the provision for the Administrators to complete existing contracts being fulfilled by McNulty, which is currently creating employment for 60 people.

The Port of Tyne is one of the UK’s major deep sea ports and recently announced record cargo volumes and record financial results for 2011.

It recorded a 30% increase in turnover and doubled profits, based on growth in its bulk cargoes such as coal, steel and wood pellet, its container terminal and logistics businesses, and its car terminals.

The Port is further investing in its container and car terminals and plans to expand its handling facilities for wood pellets, which are used as well as coal by power stations to generate electricity.

In 2011, the Port handled an estimated £10 billion worth of cargoes and independent consultants ARUP calculated that it contributed £467 million to the GVA of the regional economy - supporting 9,500 jobs.

This was posted in Bdaily's Members' News section by Ruth Mitchell .