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Dublin: 14°C Sunday 22 May 2022

Dublin council to sell The Square Towncentre's car park to NAMA

The disposal will allow for development of the area and lead to job creation, according to the local authority.

Image: informatique via Flickr/Creative Commons

SOUTH DUBLIN COUNTY Council is to sell the surface car park of The Square Towncentre in Tallaght to NAMA.

An agreement between the asset management agency and the local authority to facilitate development at the shopping centre has been proposed and will be discussed at the next meeting of elected members.

According to the council, the disposal of certain lands in the area will “help to increase economic activity and create jobs”.

It claims that the proposed expansion would generate 300 construction jobs and 400 operational jobs when complete.

The groups said the deal was worked out during “very constructive discussions”.

However, approval is still needed and elected members of the council will consider the proposal to sell the lands comprising of the surface car park at the October meeting.

NAMA already has an interest in a substantial number of existing units in the shopping centre because of its role as secured lender.

A planning application for a major expansion of The Square will be lodged in the coming days with NAMA support and funding.

A statement from the council said:

The proposed disposal is in line with the Council’s on‐going efforts to rejuvenate The Square and promote job creation and development in the county. The Council identified NAMA as an appropriate partner given its expertise in progressing developments and its existing interests in the Square. By co‐operating in this way, we are confident of enhancing the value of the assets in which NAMA has an interest whilst rejuvenating The Square as the economic hub and town centre for Tallaght.

Read: Concern about NAMA handing over properties it can’t sell for social housing

More: Fota Island Resort to be handed over to new Chinese owners next month

Related: Somebody has written a song about The Square in Tallaght

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