Wednesday 21 March 2018

NAMA shopping centre plan to create hundreds of jobs

Peter Flanagan Commercial Property Editor

NAMA is set to redevelop and expand one of the best-known shopping centres in the country, in a move that would create hundreds of new jobs for the local area.

South Dublin County Council wants to sell part of the car parks at The Square shopping centre in Tallaght to NAMA, which will then build on that land.

The multi-million euro expansion will create 400 full-time jobs, while another 300 construction workers will build the development which is expected to mostly consist of new shops and restaurants.

The council will vote next month on whether or not to sell the land to the state bad bank.

Both the council and NAMA will make a planning application for the development in the coming days, and if its is successful, work is likely to begin next year.

NAMA controls a number of properties in The Square already, as a result of bad loans handed out during the boom.

The agency has been paying to complete numerous unfinished properties it now owns, in an effort to make some money out of them and get a return for the taxpayer.

Last year the agency helped finance a €75m development at a shopping centre in Carrickmines in south Dublin, while it is putting €13m into the Charlestown centre in the north of the capital.

In a statement, the council said the plan to sell the land to NAMA for development had been made after a "detailed analysis" of the scheme had been carried out.

It said the plan would "would help to increase economic activity and create jobs in the area".

"After very constructive discussions, the council has reached agreement to sell these lands to NAMA subject to obtaining all necessary approvals from the council's elected members," it said.

"The council identified NAMA as an appropriate partner given its expertise in progressing developments and its existing interests in the Square.


"By co-operating in this way, we are confident of enhancing the value of the assets in which NAMA has an interest whilst rejuvenating The Square as the economic hub and town centre for Tallaght," the council added.

If approved, the plans will give a shot in the arm to the area, long seen as one of the most depressed in the country.

The Square was the biggest retail space in the Republic when then Taoiseach Charles Haughey opened it in 1990.

Irish Independent

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