Shopping Centres: Galway-based Radical Properties, which is controlled by Gerry Barrett, is to take over the management of Eyre Square Shopping Centre in Galway from a subsidiary of the McInerney Holdings plc.

Mr Barrett is understood to have paid in the region of €12 million for control of the 13-year-old centre as well as one of the shop units and the former Bank of Ireland branch that backs into the complex. Mr Barrett developed the highly successful Edward Square retail complex which links in to the Eyre Square centre.

Built in a tax designated area by McInerney and ICC, the Eyre Square shops are now owned by a group of some 55 investors who have been able to avail of valuable tax breaks over the years. However, the cumbersome ownership structure has allowed the centre to become somewhat rundown.

The centre is at a distinct disadvantage in having a large number of small shops rather than a choice of larger outlets now favoured by the main fashion traders. The anchors are Penneys with 2,787 sq m (29,999 sq ft) and Supervalu with 1,858 sq m (19,999 sq ft).

Edward Square, by comparison, has a number of large high quality stores including Dunnes Stores, which feed into the increasingly tired Eyre Square complex. Dublin agent Douglas Newman Good Commercial, which is to take over the day-to-day running of the centre, already manages some of the leading shopping centres in the country.

Mr Barrett is currently developing Wellpark, a major retail park and entertainment centre in Galway. He is also building a large shopping centre, hotel and apartments in the Drogheda docklands.