AFTER waiting for nearly five years for it to become â€œLimerickâ€™s shopping meccaâ€, the stalled Opera Centre development in the city is back on the market.
The site was sold for â‚¬110m at the height of the boom by Belfast-based developer Suneil Sharma, who has now switched his interest to another stalled development - Liam Carrollâ€™s former Parkway Valley site on the Dublin Road.
The value of the Opera Centre â€“ which includes over 40 properties â€“ depreciated to just â‚¬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 â‚¬92.2m.
The remaining three developers behind the site - Jerry Oâ€™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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