Nama developer Gerrry Gannon has taken action against a supermarket group for failing to open in the new Dublin suburb of Clongriffin, writes JACK FAGAN
PROPERTY Developer Gerry Gannon has taken a High Court action against Superquinn over its failure to open a supermarket at the new town centre in Clongriffin, on the north-eastern edge of Dublin city. The store is close to a new Dart station which opened for rail commuters last April.
Documents lodged in the court show that Superquinn was due to pay an annual rent of €841,000 per annum for the 2,787sq m (30,000sq ft) store under a 25-year lease with no break options. The rent was to commence on October 1st, 2008.
Architects and urban designers Conroy Crowe Kelly issued a completion certificate in November, 2007, and the lease was delivered to Superquinn after being signed by the Gannon Group in July, 2008. In February 2010, Superquinn said it was disappointed the store had not been ready and indicated that it would not be moving in. The Gannon Group initiated court proceedings in September, 2010, seeking payment of outstanding rent which at that stage was €1,682,978.
The case was mentioned in the High Court last Monday and Superquinn was given four weeks to file a defence.
A spokesperson for Superquinn said yesterday it had no comment to make.
Mr Gannon, whose €1 billion-plus of property loans are in Nama, has invested heavily in delivering the new town centre and the infrastructure for the residential community between Malahide Road and Baldoyle. Upwards of 1,500 homes are already occupied in the area.
The Gannon Group has built a 500-space park-and-ride facility under the town square as well as a 700-space multi-storey car park.
Two sides of the town’s open square have already been completed and include the supermarket which is the subject of the legal dispute. A travelator has been installed to take shoppers to an overhead department store which has yet to be occupied.
The east side of Clongriffin town centre has a five-storey apartment block while the third side has been earmarked for a 14-storey office building.
Traders already operating in Clongriffin include Centra, Franks Kitchen, Brownes Barber, Carry Out off licence and Clongriffin Pharmacy.
Superquinn has 24 stores and opened new outlets at Heuston station and Rathgar in Dublin towards the end of last year.
Select Retail Holdings, which paid a reported €450 million to buy Superquinn from Fergal Quinn five years ago, is a consortium owned by former chairman Simon Burke and a number of business figures heavily involved in the property industry including Jerry O’Reilly, consultants David Courtney and Bernard Doyle and hotelier Terry Sweeney.
