Property group Hines has lodged a €135m plan for a major extension to the Liffey Valley Centre in Dublin.
According to consultants for Hines, the new plan is to provide a contemporary mixed leisure, entertainment and retail extension to Liffey Valley that is to be centred around a new landmark feature, a large public plaza and creating a new east-west street at the centre.
The proposed extension is to be anchored by two large retail units either side of the public plaza.
A retail impact assessment lodged with the planning application states that the planned extension will deliver an additional €128.65m in retail revenues for the Liffey Valley Centre by 2025.
The retail assessment states that by 2025, Liffey Valley shopping centre will produce annual retail revenues of €462.56m, compared with a pre-Covid-19 estimate for 2020 of €317.7m.
The planning application was lodged after the Government announced plans for the first wave of measures in response to the coronavirus last month.
Hines manages the centre for its German pension fund owner, Bayerische Versorgungskammer, which purchased the centre and adjacent land in 2016 for more than €630m.
Planning documentation lodged with the planning application states that the centre owners “have invested significantly to date to deliver improvements to the customer experience, service facilities and the public realm”.
A planning report notes: “This investment of €26m to date is but the start, with an additional €38m designated for extensions to the existing centre and car park upgrades, and the owners through the proposed development will invest approximately €135m in the centre.”
Planning consultants at Avison Young state that the application “will not only deliver significant improvements to the offer and operation of the Liffey Valley Centre; it will also completely alter the role of the centre by providing a focal point for the community and greatly enhance the visitor experience”. Avison Young also states that the proposed development “represents a step towards redefining Liffey Valley Centre as a prominent economic driver, as a focal point for the community and as a tourist destination”.
The plan covers a two-storey commercial extension comprising over 46,783 sq m.
REF: Irish Times