The Board of Directors of Farsons Group is considering the available options regarding the re-use of the Group’s non-operational land at Mrieħel. The Board’s aspirational vision is for a high quality destination to be known as the ‘Farsons Business Park’ part of which will be situated in the iconic Brewery façade buildings.
The substantial investment made in growing the Group’s brands and business over the past years has seen the Brewery’s production facilities shift gradually towards the south part of its Mrieħel site according to the Brewery Development Master-plan. Furthermore, the inauguration of the new Brewhouse in September 2012 is facilitating the release of circa 23,000m2 of land, including the original 1950s Brewery façade. This is considered a prime site for commercial development in line with the new ‘commercial’ zoning status of this area.
Embracing a holistic plan for the re-development of the land, the ‘Farsons Business Park’ could eventually cover around 45,000m2 of commercial development when fully developed. This will include a business centre and offices comprising circa 30,000m2, with another 10,000m2 of retail and service areas, bars and restaurants, as well as parking facilities for over 1,000 cars and other uses.
Farsons Group Chairman Mr Louis A Farrugia stated: “Our Board of Directors continues to give much thought to the best use of the Group’s property portfolio with a view to enhancing shareholder value. Implementation of the ‘Farsons Business Park’ project is expected to happen 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. The Company intends to initiate a dialogue with potential partners and other stakeholders, be they investors, tenants, operators and the community generally.”
“During the next eighteen months, Farsons will be conducting further studies to decide on how best this vision can be turned into reality,” said Mr Farrugia.
The initial development phase is expected to focus on the iconic brewhouse which is planned to be converted into a state of the art Visitors Centre and showcase for Farsons brewery and its brands. Discussions are ongoing with various stakeholders including Heritage Malta, so as to optimise the heritage, cultural and tourism potential of such a Visitors Centre.
Mr Farrugia added: “It is envisaged that beyond the Group’s brands and corporate heritage, the ‘Farsons Brewery Experience’ would also capture the role of the brewery within the wider social and industrial context of Malta and its people.”
The Board is also engaged in analysing the various options potentially available to restructure the Farsons Group in a manner that would allow the necessary focus and expertise to be brought to bear on the redevelopment project and facilitate its implementation. One option being considered by the Board is the restructuring of Trident Developments Limited as a public limited company (PLC) in its own right to undertake this investment.