Galway developer Gerry Barrett is planning to spend €200 million expanding his retail and commercial interests in Drogheda, writes Ciarán Hancock, Business Affairs Correspondent
Edward Holdings, a property company led by Mr Barrett, has announced plans to build a 43,000sq m commercial, leisure and residential development called Southbank, close to Drogheda's town centre.
The complex is expected to create 500 new jobs when completed and 600 jobs during the two-year construction phase.
This site is adjacent is his existing Scotch Hall retail centre and his four-star D hotel, which has 105 bedrooms.
Southbank will comprise 3,350sq m of offices, 15,915sq m of retail and an eight-screen multiplex cinema with 1,500 seats.
It will also have a number of restaurants, a farmers' market and provide an extension to the D hotel that will include a 300-capacity ballroom.
Mr Barrett also plans to apply for planning permission within the next six months for 180 apartments in a 14-storey complex.
Douglas Newman Good Commercial Property is the letting agent and it is believed to be in negotiations with a number of leading retailers, including Debenhams, Zara, H&M and Espirit.
When completed, Scotch Hall/Southbank will be the biggest retail centre outside Dublin, a title currently held by the recently-opened Athlone Towncentre. Scotch Hall opened in November 2005 and has 50 outlets. Its tenants include Dunnes Stores, HMV, Waterstones, Next and Top Shop and it has a footfall of about 100,000 shoppers a week, Mr Barrett said.
The cinema will be operated by Eye, which is owned by Edward Holdings and runs a multiplex in Galway close to Mr Barrett's G Hotel. He said it would include a 100-seat "luxury cinema" and a "conference" cinema linked to the D hotel that will seat 250 people theatre style.
Mr Barrett said he had no concerns about the timing of the project, which coincides with a slowing of the economy and a dip in the property market.
"We believe this will be fully let and will be very positive for Drogheda," he said. "We've been planning it for four years now and we're very optimistic about its future."
