Tuesday 30 May 2017

Dundrum 'still good value' - despite car parking fee hike of 50pc

Hammerson and Allianz recently took control of Dundrum Town Centre after buying loans secured against it from Nama as part of the sale of Project Jewel Picture: Frank McGrath
Hammerson and Allianz recently took control of Dundrum Town Centre after buying loans secured against it from Nama as part of the sale of Project Jewel Picture: Frank McGrath
Gavin McLoughlin

Gavin McLoughlin

Management at Dundrum Town Centre have insisted that it remains "great value for money" after a 50pc hike in car parking charges.

Parking has gone from €2 an hour to €3 an hour at the shopping centre. The maximum daily rate is €18, up from €16 - with the second and third hour of parking remaining free under the new system of charges.

"The centre's management believes that the cost of parking still offers great value for money given the unique retail experience Dundrum has to offer," said Dundrum Town Centre in a statement to the Sunday Independent.

"We remain committed to attracting exciting new brands and providing offers for shoppers to ensure that the centre continues to deliver the very best experience."

Hammerson and Allianz recently took control of the centre after buying loans secured against it from Nama as part of the sale of Project Jewel. The loans were owed by developer Joe O'Reilly's Chartered Land, with whom Allianz and Hammerson concluded an agreement earlier this summer.

When the deal was concluded Hammerson chief executive David Atkins said it provided the company with a "unique opportunity" in the Irish market.

"This will provide us with immediate scale and market leadership from which to capitalise on the strong consumer backdrop in Dublin. Dundrum's performance over the period since acquiring the loans has reaffirmed the potential within the portfolio, and we look forward to implementing our asset management and longer-term development initiatives to drive value," he said.

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