TAX incentives alone will not produce sustainable urban renewal and need to be combined with strategic planning based on the concept of clustering industry sectors, the managing director of Temple Bar Properties, Ms Laura Magahy, said.

Speaking at the monthly lunch of the Leinster Society of Chartered Accountants, Ms Magahy said the success of Temple Bar was mainly due to the use of cultural industries as an anchor tenant around which planned commercial activity flourished.

"Tax incentives have also played a role in attracting investment, but I believe that the cultural environment has been more instrumental in the success of the Temple Bar project," she said.