Irish developer boosts US interests

Irish developer Gerard O'Hare has boosted his US interests with two investments in the New York commuter belt valued at over $250 million (€182 million).

Dr O'Hare's Newry-based Parkergreen International has bought 500 acres of residential building land in New Jersey for $150 million. The company has also bought a shopping mall in Connecticut, the Millford Retail Centre, for $100 million.

Millford has more than 35,000sq m in shop floor space, and its main tenant is US supermarket giant Wal-Mart.

Property in New York and the surrounding area has been delivering good returns for investors in recent years.

Dr O'Hare is best known in this country for his involvement in the flagship Quays retail development in Albert Basin in Belfast, one of a series of high-profile projects in the city. He is also the developer behind the Fairgreen shopping centre in Carlow.

Dr O'Hare built on an association with US developer Jim Rouse, and took over one of his subsidiary companies in the US after Mr Rouse's death a number of years ago. As a result, Parkergreen has been involved in a number of projects in the US, including two in North Carolina, where it has been working on another waterfront development in the city of Wilmington.

The company also has interests in Britain and central Europe.

Dr O'Hare predicted yesterday that the New Jersey site offered great potential for development. Part of it will be given over to social and affordable housing.

"The second acquisition in Connecticut of Milford Retail Centre is very exciting for us as a company as we have a strong interest already in the retail sector in the domestic market," he said.

Dr O'Hare added that both purchases were strategic moves for the business.