SHERIDAN Developments is likely to seek about £5.5 million for three retail investments in the Parnell Centre at Parnell Street, Dublin 1, where Virgin operates a multiplex cinema complex. Sheridan is planning to open two large restaurants and a family entertainment centre, which will include computer based games, by June. The estimated rental value of the units is £500,000 but investors will be able to claim 50 per cent capital allowances.

Sheridan is also seeking about £4.5 million for the cinemas, which are trading exceptionally well. The investment will carry capital allowances of almost £2 million.

Meanwhile, the Sheridan group has agreed a financial package to fund the final phase of the Parnell Centre, which will include an Imax cinema the first in Ireland and 30,000 square feet of space dedicated to leisure and retail. Construction work on the building which will cost an estimated £5.5 million, is to begin before the end of May.