Saturday 21 September 2019

Dundrum Town Centre owners reveal proposals for over 100 apartments


Dundrum Town Centre is Ireland's largest mall
Dundrum Town Centre is Ireland's largest mall

Michael Cogley

The owners of Dundrum Town Centre have applied to build more than 100 new apartments near the country's largest shopping mall.

Dundrum Retail GP DAC, which boasts directors from the centre's co-owners UK property giant Hammerson and French insurer Allianz, has entered An Bord Pleanála's fast-track system in order to build 107 units at a neighbouring site.

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The application follows a successful pre- application consultation with planners. A decision on the plans is scheduled to be made by December 12.

Hammerson acquired 50pc stakes in Dundrum and the Ilac Centre in Dublin city centre in 2015, after paying Nama €1.85bn for €2.6bn worth of loans connected to the developments.

Hammerson also bought a 50pc stake in the Pavilions Shopping Centre in Swords, north of the city. The company's rental income from Irish properties topped €46m last year.

Separately, the group is working on a residential-led phase-two in Dundrum.

Significant write-downs on the value of its UK property portfolio drove a £319.8m (€354m) loss in the opening six months of the year.

The revaluation of its portfolio was due to continuing market uncertainty as a result of Brexit.

Hammerson and Allianz are the leading parties in the opposition to the development of the Carrickmines Retail Park.

The Dundrum Retail Limited Partnership, which is also owned by Allianz and Hammerson, has appealed to An Bord Pleanála to halt the expansion plans.

Dún Laoghaire-Rathdown County Council approved the Carrickmines plan in April, which included the construction of two new supermarkets and 130 residential units.

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