BUSINESSMAN Paschal Taggart has sold his 40 per cent stake in part of the Pye lands at Dundrum, Dublin 14, where a major shopping centre, leisure complex and residential scheme is planned. A consortium led by John Clohessy, which originally bought the land with Mr Taggart, will now have full control of the site where the entire development is likely to have an end value of £40 million. Mr Clohessy operates the franchise for the Spar chain of convenience shops.

Mr Taggart, who is chairman of the company developing the Jervis Shopping Centre in Mary Street, said yesterday he had opted out of the Dundrum project because of his heavy involvement in other business activities.

Last May, the Taggart/Clohessy group paid £6.6 million for 17.6 acres, which were sold by a receiver acting for ACC Bank. The group subsequently reached agreement with Quinnsworth to develop the new shopping centre on a larger site, which would include an area of five-acres currently occupied by a Crazy Prices supermarket. Quinnsworth will take over ownership of a 40,000-square-foot anchor store in the new shopping centre, which will have a total area of 200,000 square feet.

The centre is likely to attract interest from tenants like Marks & Spencer, Debenhams and Boots, which are anxious to gain a foothold close to the prosperous south Dublin suburbs.

The new owners of the site are expected to seek planning permission for a multiplex cinema complex, restaurants, a small office scheme and a mixture of apartments and houses.