Financing is in place for a
€75m property development in Carrickmines, south Dublin, that could generate
945 building jobs -- and almost as many again once complete, according to the
NAMA-linked company behind the plans.
Directors of construction
company Tristor say funds are in place to begin construction immediately if Dun
Laoghaire-Rathdown Council approves a planning application for the Carrickmines
District Centre development on Monday.
It makes Tristor the second
developer with loans in NAMA to kick off a Dublin retail project in recent
weeks.
In May, NAMA said it would
fund a €13m extension of the Charlestown Shopping Centre in north Dublin, which
is being developed by the Bailey brothers.
A spokesman for Tristor,
which is part of developer Michael Cotter's Park Developments Group, said the
company was confident their 25,000sq ft scheme would be approved.
The loans of both Park
Developments and Tristor are in NAMA, according to accounts filed for the
companies.
Tristor has debts of €52m to the state-controlled
bad bank, according to accounts filed with the Companies Office.
The debt fell due in 2009 but
has been rolled over, with the permission of the lender, according to the
accounts.
Last night, a spokesman for
Tristor said funding for the €75m Carrickmines project is in place through a
mix of bank debt and equity.
The mixed retail and leisure
development has been stuck in the planning stage since 2008.
Permission
The development has already
been granted planning permission twice, but construction was controversially
blocked by then Environment minister John Gormley in 2010.
The minister wanted to limit
the development to a smaller "neighbourhood" retail park.
Tristor sought a
"judicial review" of the minister's decision at the High Court, which
ruled that the minister overstepped his powers in blocking the scheme.
With the former Green TD no
longer in power, Dun Laoghaire-Rathdown Council is now expected to give the
okay to the scheme once more.
A spokesman for Tristor said
last night that the company was ready to begin construction immediately, if the
scheme was approved.
A report commissioned by the
developer said the new centre could create 945 jobs during construction, with
900 more once the centre is operational.
It will generate €80m a year
for the economy, when it comes into operation, the report said.
- Donal O'Donovan
Read the article @ The Irish Independent
Posted by bps town planning consultants
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