Dublin City Council who currently owns 47% of Ballymun Shopping Centre has identified that acquiring a 100% interest in the existing Centre, could assist with the overall regeneration of Ballymun and help to increase economic activity and to create jobs in the area. Following very constructive discussions with NAMA and its Receivers, the Council has reached agreement to acquire the 53% NAMA secured interest in the Centre.
The proposed acquisition is in line with the Council’s on-going strategy to rejuvenate Ballymun and promote job creation and development in the area. The major construction aspects of the regeneration programme are almost complete. All families and community organisations have moved from the flat blocks to new accommodation with thirty three of the original thirty six flat blocks demolished. Some 3,000 new homes, parks, playgrounds and recreational and local facilities have been provided. In addition, town centre developments accommodating City Council and HSE local services, a Garda Station, Social Welfare offices, hotels, Leisure Centre and office, residential and retail premises have been provided.
Both parties believe that the current issues affecting the Centre can best be dealt with by a single owner, in this case being the Council, given its objectives and wider interests in the area. In this context NAMA and its Receivers have agreed to facilitate this structure by disposing of the 53% interest to the Council.
Dick Brady, Assistant City Manager with Dublin City Council said “This acquisition, working with existing tenants of the Centre, along with placing on the market a site just to the north of the existing centre which will hopefully secure a major retail outlet, will create the conditions necessary to advance the complete redevelopment of the site and the completion of a new modern heart for Ballymun town”.