Battersea Power Station developer Real Estate Opportunities has gained consent for the €800m (£700m) regeneration of Ballymun Town Centre in north
REO, which is majority owned by Irish developer Treasury Holdings, is proposing a 255,000 sq m mixed-use development known as Spring Cross.
In a stock market announcement it said the scheme was the largest mixed-use, town-centre permission granted in
There will also be 118,000 sq ft 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.”
Earlier this month REO said it was “business as usual” as it played down reports that it was struggling with debts.
The listed developer, which is 67% owned by Treasury, said it had £556m of debt due to be repaid before the end of the year and a further £201m by the end of 2010.
All but one of its loans – a £226m facility with Bank of Scotland and Bank of Ireland – were in compliance with agreed covenants.
However, it said that a waiver of this loan will be received in due course.
