Re: Re: well what about the developments popping up in the shannonside ?
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Interesting news, I wonder did they just get pissed off at the delays, will this set things back any further i wonder? Of course the Limerick Post had to get their hands on this first!:rolleyes:
Exclusive by John Oâ€™Shaughnessy
BELFAST-based developers Regeneration, who spearheaded the proposed Opera Centre development in the city centre, have opted out of the project, selling on their interests to Dublin investors.
Local interests are confident that the euro 200million euro shopping centre will not be jeopardised or delayed, by the unexpected change of ownership.
Pat Kearney of Rooney Auctioneers, who spent four years negotiating transfers of ownership in Patrick Street, Ellen Street, Michael Street and Bank Place, on behalf of Regeneration, told the Limerick Post that, other than ownership, he expects nothing to change.
“It is not unusual for investors to assemble such packages with the purpose of selling on, they do the groundwork, get planning permissions and engage architects, surveyors, etc. With that done, fellow developers who prefer to be handed the finished product rather than going through the initial stages, which can be time consuming, show expressions of interestâ€.
The new investors are led by David Courtney of Spain Courtney Doyle, Dublin. Efforts by this writer to make contact with them proved unsuccessful. One source claimed to the Post that Clare-born developer, Mr Bernard McNamara, who recently purchased the Burlington Hotel in Dublin, was a likely member of the group.
Meanwhile, the owner of one premises in Patrick Street, and who was paid a substantial deposit by Regeneration for his property, said he heard through the grapevine that the Belfast consortium was no longer involved.
“The deadline given to a number of traders in the affected areas to have contracts signed and completed is, May 28, and must fully vacate by that date. We will wait and see what happens. We have been standing by for our final payments for some time. It will also be interesting to see if the new investors abide by the existing plans, or decide to make amendmentsâ€.
Other traders in the streets concerned have a later deadline.
Several shop owners have already relocated.
Potential tenants for the Opera Centre have yet to be identified, but, in the words of Mr Kearney, they are likely to be very high profile.