The completion of phase two of the Blanchardstown Retail Park would increase Green Property's net asset base by £33 million (€41.9 million) less costs, which would be reflected in the company's interim results, the managing director, Mr Stephen Vernon, said yesterday.

Speaking after the company's annual general meeting, he said the 190,000 sq ft development, worth £45 million, had only 28 per cent of that valuation reflected in the 1998 results, based on the units which were let and finished at the time. The development would have "a rent roll" of about £2.9 million. Among the tenants are the US discount fashion chain TK Maxx, Tully Tiles, Clery's, Court's, Atlantic Homecare, Smith's toystore and Time Computers.

The first phase, comprising a 78,000 sq ft site, was completed in late 1997 following the opening of the main centre in 1996. Mr Vernon said he hoped the development of the final phase would begin later this year.

Blanchardstown had been unaffected by the opening of the Liffey Valley Shopping Centre and, in terms of "pedestrian footfall", was getting up to 350,000 people at the main centre weekly, he said. The completion of phase two and of retail developments at the Fonthill Road Industrial Estate, which includes Glanbia as a tenant, and British office developments will add to the company's net asset base of £500 million.

Green Property is also speculatively developing two 165,000 sq ft office blocks on the Sandyford Industrial Estate, while it expects the redevelopment of the ACCBank office block in Hatch Street to be completed later this year. Its factory outlet centre in Killarney would open this summer, Mr Vernon added.