Limerick’s Opera Centre ‘site on the market’

AFTER waiting for nearly five years for it to become “Limerick’s shopping mecca”, the stalled Opera Centre development in the city is back on the market.

AFTER waiting for nearly five years for it to become “Limerick’s shopping mecca”, the stalled Opera Centre development in the city is back on the market.

The site was sold for €110m at the height of the boom by Belfast-based developer Suneil Sharma, who has now switched his interest to another stalled development - Liam Carroll’s former Parkway Valley site on the Dublin Road.

The value of the Opera Centre – which includes over 40 properties – depreciated to just €12.5m earlier this year.

Three years ago the site of the planned massive shopping complex on Patrick Street and its environs was valued at €92.2m.

The remaining three developers behind the site - Jerry O’Reilly, Terry Sweeney and David Courtney of Regeneration Developments - are now putting it on the market.

The most recent valuation of the property was undertaken by estate agency Spain, Courtney, Doyle in September 2010. Mr Courtney, a director of Regeneration Developments Ltd, is also a director of Spain, Courtney, Doyle.

Estate agents Savills are to launch a marketing campaign to find a buyer for the 3.2-acre site which has planning permission for a multi-storey shopping centre with 38,541sq m (414,855 sq ft) of retail space and an underground car park.

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