A new bridge over the river Lee in Cork costing £2 million (€2.5 million), officially opened yesterday by the Lord Mayor of the city, Cllr Damien Wallace, as well as the development of two public car parks, will result in a £20 million investment by Dublin-based company Howard Holdings.

The crossing, to be known as St Finbarre's Bridge, will ease congestion on the south side of the city and allow traffic to reach the Western Road area via Sharman Crawford Street.

Mr Wallace said yesterday the bridge opening was part of the completion of a development programme by the Dublin-based company that would add 730 public car park spaces in the city. As well as one near the new bridge, a second car park will be provided near City Hall.

The property company says the growing attraction of Cork as an investment centre is likely to cause a rapid rise in property values.

For this reason, the company has also completed the construction of a 37-unit apartment complex and three commercial units in the area of the new bridge. Each of these units has already been pre-sold. The company plans further to submit a planning application for an apartment and townhouse development near the Rochestown Road part of the city and intends to develop a hotel complex on the site of the Cork Airport Hotel, which it bought in 1999.

Mr Frank Boland, a Howard Holdings director and former president of Cork Chamber of Commerce, said: "We have a significant interest in Cork city which reflects the main infra structural investment in the city and of the renewal of the historic city centre which has fuelled demand for top quality accommodation. Cork is clearly a major growth area.

This is underlined by the investment of £300 million in the road network in greater Cork over the past five years.

"This includes the Jack Lynch Tunnel, which has already transformed transportation and motoring in Cork."

Howard Holdings plc has offices in Dublin, London and Cork. In Britain, its portfolio includes £82 million sterling (€130 million) in apartment, commercial, hotel, car parking and retail interests.