Monday 21 September 2009

Ballymun scheme gets go ahead to generate 2,000 jobs

Up to 2,000 construction jobs are to be created next year by Real Estate Opportunities (REO), the listed property vehicle majority owned by Treasury Holdings, after objections to its €800m mixed-use development in Ballymun were dropped.

The scheme, known as Spring Cross, is to be developed in phases on a 15-acre site close to Ikea, the M50 and Dublin Airport and REO expects it to support 8,500 direct and indirect jobs when it is completed.

The Railway Procurement Agency and rival developer Brian O'Farrell's Northside shopping centre had initially objected to the granting of planning permission but the appeals have since been dropped.

Treasury Holdings director of development Niall Kavanagh said he expects the development to cost up to €400m to construct and that it will be done in nine or 10 phases with the shopping centre and leisure blocks developed first. Tesco anchors the shopping centre currently on the site.

Construction will start after pre-lets have been agreed but Kavanagh is hopeful of being on site by the end of next year. A metro north station will be built in the basement of the centre, which should ensure strong footfall for retailers based there. REO is in advanced negotiations with a large international cinema operator interested in signing up for the leisure element of the scheme.

"Regeneration is where it's at," said Kavanagh, adding that the company was hopeful of attracting people who had spent part of the day at Ikea to the centre.

Sunday Tribune

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