DUBLIN'S Parnell Centre should produce an annual turnover of up to Pounds 7 million, according to the chairman of the Belfast-based Sheridan Group, which developed the complex.

Mr Peter Curistan said that within 18 months the group as a whole should have a turnover of between Pounds 8 million and Pounds 10 million in Ireland, 70 per cent of which would come from the Parnell Centre, which also houses a Virgin cinema complex.

The Sheridan Group opened two restaurants at the centre earlier this week and a family entertainment complex is expected to begin operations within 10 days.

The three ventures will employ 130 people, and work is expected to begin shortly on phase three of the development, which includes a 400-seat IMAX 3D cinema and three more bars and restaurants.

Mr Curistan said the new Flix fast food restaurant was "doing well" but business had been slower in the Strike 4 sports bar and restaurant, as it has yet to be granted a full bar licence. A court hearing will consider the licence next week and the company is hopeful of a favourable outcome.

Mr Curistan said the company had acquired a site in Belfast for a second Strike 4 restaurant, which it hopes to open in November.

The Dublin centre, which is expected to cost a total of Pounds 30 million to develop, should be fully, operational by next summer when the Sheridan Group would begin a major cross-promotional marketing campaign for the various attractions.

The group is using the Dublin venture as a prototype for developments in other European countries and is currently "looking at 10 cities to see if we can replicate the Parnell Centre elsewhere".