THE first sod has been cut on a new £30 million Co Tyrone racing track and motorsport complex, hailed as the "Titanic Quarter of the west".
An estimated 700 jobs are to be created in the 18-month construction phase of the Lake Torrent development, which will transform 163 acres of former clay pits in Coalisland, into a international tourism and business hub for Northern Ireland.
Earlier this month Mid Ulster District Council granted planning permission for the first phase, which includes the championship race circuit, pits, medical centre, restaurant, hospitality suites, six business units and a crèche, as well as a new public ring road to bypass the town and facilitate easy access in and out of the complex.
Plans for the second phase of works include a further 90 retail and business units, and a range of community and leisure facilities including a hotel, cinema, theatre and more food outlets.
The first portion of the project is due for completion in earlier 2019 and is set to "transform lives" according to project founder David Henderson of Manna Developments.
Mr Henderson is the brainchild behind a project 15 years in the making and after looking at over 30 prospective sites including Newry, Portrush and the former Maze prison, has settled on Coalisland.
"Our vision is to regenerate Coalisland and the surrounding areas through the creation of an internationally recognised motorsport arena which will become a venue for regional, national and international competitions, aiming ultimately to host events like Super Bike and Saloon Car Championships, attracting up to 30,000 spectators per event.
“At the same time, we will be providing the local community with new opportunities through business, engineering, leisure, increased tourism, job creation, research and development."
Mr Henderson's vision is to have a track with the shape and feel of the road, but with the safety of a circuit and told the Irish News that from 2019 the venue will bring "four major world events" to Northern Ireland each year.
"We've got some contracts signed already for three years up to 2021," he said.
"It will regenerate the area, it will become a hub of motorsport for Northern Ireland and I've been told by our economic people it will bring around £3 million in a year into the local economy."
As part of the first phase of the development six industrial units, each over 7,500 sq ft are being built, with a major international company set to confirm Coalisland as the location for its its UK and Ireland headquarters
David Maneely of Maneely & Co Estate Agents said potential occupiers are local, national and international and expects all units to be filled within 18 months.
"All those units will be built and occupied I'm 100 per cent convinced of that. There's also 17 acres across the way that will probably be phase three of the project."
"This is a unique business environment. In many respects this is not dissimilar to the Titanic Quarter in Belfast for the west. This is being built around a one-off facility for the island of Ireland and has enormous scope for growth."
Sinn Féin MP for Mid Ulster Francie Molloy, who helped introduce Mr Henderson to the Coalisland site added:
“Aside from the economic benefits in the construction of Lake Torrent, to have an on-site hotel and thousands of visitors to spread around the hinterland is just magic. It’s just what we needed and David has the vision and passion to deliver it.”
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