Planning is cleared for Ballymun Town Centre, Dublin (IE)

On behalf of Real Estate Opportunities plc (REO), Treasury Holdings, developers of the Battersea Power Station site, has secured full planning permission for the €800-million regeneration of Ballymun Town Centre in north Dublin close to the airport.

Ballymun Town Centre

An artist's impression of the 255,000-m² mixed-use center.

At 255,000 m², Spring Cross as the development will be known, represents the largest mixed-use town center permission that has ever been granted in Ireland. The scheme includes 360 apartments, 60,000m² of retail, 35,000 m² of offices and 11,000 m² 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."

The Spring Cross scheme is the comprehensive regeneration of the existing town center and therefore benefits from an established location and the Company is in advanced stages of negotiations with key anchor tenants. 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. The project will also benefit from direct access to the confirmed Metro North route that will link the airport with Dublin city center.

Source: Brown Lloyd James Financial

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