Developer signs up 10 retailers for €100m office and retail plans
Developer Frank Gilmer has signed up 10 retailers for the €100m shops and office development he is planning for Glenageary in south Dublin.
Dun Laoghaire Rathdown County Council recently gave the green light for the project and he is hoping that NAMA will also support him in proceeding with the development before the end of the year.
"Given the strong level of pre-letting agreements and the prime location, we are confident that the project will go ahead with the support of banks and private equity. However this may require changed shareholdings," he explained.
Located on the site of the Deerhunter pub and adjoining properties, the development overlooks a key roundabout on a link road between the N11, Dun Laoghaire town centre and Dalkey. It is also close to the Dun Laoghaire Golf Club site where Cosgrave Brothers have begun construction work on a development of more than 1,000 new homes over a 10-year period.
Following changes in the market, Mr Gilmer made a number of major changes to his previous plans for the project that were refused by An Bord Pleanala in 2008. He has reduced the numbers of apartments from 80 to only 13 and instead incorporated a 68-bedroom nursing home as well as a medical centre. A nursing home operator has already agreed terms for this section of the development.
He has also included 2,515sqm of office/education space which he expects will be taken up by companies engaged in re-training unemployed people who want to acquire new skills.
Superquinn is one of the retailers who have signed up to take some of the retail accommodation. The current Deerhunter pub will be replaced with a new gastro-style pub.
Mr Gilmer has previously developed commercial projects in Dublin and Kildare. This is his first shopping centre development.