Site described as “best development opportunity in the Tallaght area” goes on sale today at knockdown price

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The site, which has planning permission for a €40 million leisure and retail complex, is located opposite The Square on land beside the McDonalds drive through.

Auctioneers Savills say it will be offered for sale for a knockdown price of around €4.5 million for the 2.2 acre site which was acquired before the property crash for about €20 million by developer Bernard McNamara.

The site was subsequently sold to Oaktree Capital Management as part of two non-performing real estate loans for a combined face value of €4.76 billion.

Despite the major setbacks, there has always been considerable local confidence that the mixed-use project will eventually proceed.

That view was strengthened by last year’s decision to extend the planning permission on the original scheme until 2020.

The three top floors of the planned five-storey over basement building was to have included 13 cinemas capable of seating no fewer than 3,000 people.

Leisureplex facilities were also to have been installed. One of the cinemas was to have seated 500 people, making it one of the largest in the country.

The two-storey cinema with a “blockbuster” screen was intended to cater mainly for major film releases.

Savills describe the site as “easily the best development opportunity in the Tallaght area”.

While it benefited from a positive planning grant, other high-value uses may also be suitable, subject to planning permission.

 

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