Treasury Holdings, the Irish property company and majority shareholder of Real Estate Opportunities plc (REO), announced today that it has secured full planning permission for the €800 million regeneration of Ballymun Town Centre in north Dublin, close to the airport.
Treasury said that at 255,000m2, Spring Cross as the development will be known, represents the largest mixed use town centre permission that has ever been granted in Ireland. The scheme includes 360 apartments, 60,000m2 of retail, 35,000m2 of offices and 11,000m2 of other uses including a substantial leisure and civic amenities offer with cinemas, bowling alleys, a public library and restaurants.
Ray Horney, Chairman of REO, commented: "This important achievement demonstrates the quality of both REO's development portfolio and the ability of its management to create value. This project is a flagship in the Company's Irish portfolio and we are confident we can commence construction in 2010."
Treasury said the Spring Cross scheme is the comprehensive regeneration of the existing town centre and therefore benefits from an established location and the company is in advanced stages of negotiations with key anchor tenants. It says Ballymun, located close to the M50 Dublin Ring Road, has been transformed in recent years with many new homes and the recent opening of the Republic of Ireland's first Ikea store, a short walk from Spring Cross. It is also claimed that the project will also benefit from direct access to the confirmed Metro North route that will link the airport with Dublin city centre.
REO, which is 67% owned by Treasury Holdings, said the project would result in about 2,000 jobs being created during the construction period while an estimated 8,500 direct and indirect jobs maybe created once the scheme is completed in 2012.
Ballymun Regeneration Ltd, a company established by Dublin City Council to oversee development of the area, welcomed the announcement and chief executive Fergus Murray said it is "a huge boost" for Ballymun, which was synonymous with bad planning and high crime for decades, arising from the building in the 1960s of high rise public housing blocks with inadequate facilities and services.
