NAMA issued with demand over local shopping centre

BALLYMUN Regeneration Limited (BRL) has given NAMA 30 days to outline its plans for the Ballymun Shopping Centre site.

The demand was made clear in a letter sent by BRL managing director Dick Brady to NAMA last week, seen by Northside People.

BRL warns that if their 30-day deadline is not met, BRL will

“expedite high density, mixed use, town centre options on alternative sites on Main Street

?.

The lack of progress and development on the shopping centre site has long been a thorn in the side of local residents, businesses and public representatives. The development of the centre is one of the most essential pieces of the major regeneration project for the area.

Many factors have thwarted this element of the project, not least of the site owner Treasury Holdings being wound-down and their assets moved to NAMA.

However, it now seems BRL are prepared to start afresh by identifying and developing a new site if NAMA are unable and unwilling to progress its plans for the site.

“As such BRL request that NAMA act as quickly and decisively as possible in developing a clear development strategy for the lands, having regard to the level of public and private investment spent in the area to date and the need to safeguard and sustain this investment,

? the letter states.

“BRL are requesting receipt of NAMA’s detailed proposals for the site in the next 30 days from the date of this letter.

“In the absence of a realistic proposal for the town centre provision, BRL will expedite high density, mixed use, town centre options on alternative sites on Main Street, which is in line with current strategic and statutory planning policy and the aims of the Ballymun Masterplan and Main Street Strategy.

?

Local councillor Paul McAuliffe (FF) praised BRL for its stance with NAMA.

“The completion of a shopping centre was an essential element in the regeneration project and with BRL expected to wind-up in the coming year or so, we cannot leave this important task undone,

? he said.

“NAMA has been active elsewhere in funding development projects and in one nearby case the expansion of a shopping centre.

“It is time NAMA outlined their plans or else BRL and Dublin City Council will be forced to take matters into their own hands.

“The last thing we want to see is the existing site remaining undeveloped while new shops are built next door, but equally the people of Ballymun can’t wait around forever for private owners and their funders to make up their minds.

?

A spokesperson for NAMA confirmed the agency had received the correspondence from Ballymun Regeneration and said it will be sending a response.

“It is important to note that NAMA (in its role as a secured lender) and the Receiver over the assets (PwC) have had ongoing engagement with representatives of Dublin City Council and Ballymun Regeneration in relation to this matter,

? the spokesperson said.

“Dublin City Council also holds a freehold interest in the shopping centre. Queries relating to this property should be addressed to the Receiver, PwC, in the first instance.

?