THE Blachardstown Shopping Centre should be fully let when it opens in October, Green Property's managing director, Mr Stephen Vernon told shareholders at yesterday's annual general meeting. The list of tenants will be announced at the commissioning in April, he said.
The centre, the group's largest development, will be incorporated in Green's results, on a valuation basis, at the end of 1996. This will result in a "substantial increase in the net assets of the company".
Although asked by a shareholder, Mr Vernon would not quantify the increase. However, he told the meeting that analysts were predicting a net asset value per share of 60p. This would represent a 29 per cent increase on the 1995 level.
The development, at present under construction, has 466,000 sq ft of lettable space. Shareholders were told that there was planning permission to expand the centre by a further 170,000 sq ft which, Mr Vernon stressed, would create the biggest shopping centre in Ireland.
Alongside the centre, the group owns or holds options on an additional 53 acres. The Department of Education has an option on 20 acres which is earmarked for a regional technical college. Also, the group is seeking planning permission for a 40,000 sq ft sports and fitness centre, a 40,000 sq ft leisure centre, a restaurant and a pub.
Some 75 per cent of Green's assets are in Ireland, with the remaining 25 per cent in Britain. The balance will be tilted further towards Ireland when the centre is valued as an investment property at the end of 1996, according to chairman, Prof Michael MacCormac.
The intention is to "exploit the two markets". Greens strategy, he added, was to be involved in both development and trading.
