Real Estate Opportunities (REO) said today it had secured full planning permission for the €800 million regeneration of Ballymun Town Centre in north Dublin close to the airport.
At 255,000 square, Spring Cross, as the new development will be known, is reputed to be the largest mixed use town centre permission that has ever been granted in Ireland.
The scheme includes 360 apartments, 60,000 square meteres of retail, 35,000 square metres of offices and 11,000 square metres of other uses including an 11 screen cinema, bowling alley, public library, creche and restaurants.
“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,” said Real Estate Opportunities' chairman Ray Horney.
REO, which is 67 per cent owned by Treasury Holdings, said the project said that about 2,000 jobs will be generated during the construction period. It is expected that 8,500 direct and indirect jobs will be created once the scheme is completed in 2012.
Ballymun Regeneration Ltd, a company set up by Dublin City Council to oversee development of the area, welcomed today's announcement with its chief executive officer Ciaran Murray describing it as 'a huge boost' for Ballymun.
Treasury Holdings has been responsible for a number of landmark developments in Ireland including Spencer Dock and the country’s first Ritz-Carlton Hotel at Powerscourt, Co Wicklow. It is also the owner of Battersea Power Station in London.
At the end of August, REO said that its portfolio declined by 6.2 per cent during the first six months of 2009 to CNY9.47 billion (£835.9 million).
