Shannon Group, the commercial semi state company which operates Shannon Airport is to invest €21m over the next two years in the first phase of redevelopment of the company’s commercial property portfolio at the Shannon Free Zone Enterprise Park.

The 600-acre enterprise park was established as the world’s first free trade zone in the late 1950s.

It houses more than 100 Irish and multinational firms, employing about 7,000 people and is home to the largest cluster of foreign direct investment in Ireland, outside of the Greater Dublin Area.

The investment programme, which will take place over the next two years, will support more than 250 construction-related jobs.

It includes complete re-development of a 12-acre site within the zone incorporating the construction of a 40,000 sq ft Grade A office block and an advance technology manufacturing unit.