ShoppingCentres: One of the leading Irish pension funds, Eircom Superannuation, is to pre-fund the next phase of the Pavilions shopping centre in Swords at a cost of around €40 million.
The fund, which already owns the first phase of the centre, plans to provide up to 9,290sq m (100,000sq ft) of shopping and an 11-screen cinema complex.
Even before site development work gets under way, the fund adviser, Druker Fanning & Partners, has been inundated with inquiries for many of the 25 shops which will range in size from 929-1,858sq m (2,000-10,000sq ft).
The high level of interest stems from the rapidly rising number of shoppers visiting the centre which opened just over four years ago. The company to operate the multiplex is also due to be announced shortly.
The first phase of the centre has 23,225sq m (250,000sq ft) of retail facilities on two levels with Dunnes Stores and Superquinn occupying anchor stores.
Meanwhile, the developers of the Pavilions, Flynn & O'Flaherty, has just lodged a planning application for the third and final phase of the centre which will include about 7,432sq m (80,000sq ft) of retail space, a leisure centre, medical consulting units, a crèche and 302 apartments. Most of the residential units will be located in six-storey blocks with retail facilities on the ground floor.
Flynn & O'Flaherty is currently well advanced on the first 350 apartments in its prestigious Phoenix Park Racecourse scheme off the Navan Road. There will eventually be around 2,500 homes, neighbourhood shopping and sports facilities as well as a new railway station along the Arrow line.
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