Property group, Hines has lodged a €135 million plan for a major extension to the Liffey Valley Centre in Dublin.
According to consultant for Hines, the new plan is to provide a contemporary mixed leisure, entertainment and retail extension to Liffey Valley that is to be centred around a new landmark feature, a large public plaza and creating a new East-West street at the centre.
The proposed extension is to be anchored by two large retail units to either side of the public plaza.
A retail impact assessment lodged with the planning application states that the planned extension will deliver an additional €128.65m in retail revenues for Liffey Valley centre by 2025.
The retail assessment states that by 2025, the Liffey Valley shopping centre will produce annual retail revenues of €462.56m compared to a pre-Covid 19 estimate for 2020 of €317.7m.
The planning application was lodged after the Government announced plans for the first wave of measures in response to the Coronavirus last month.
Hines manages the centre for its German pension fund owner, Bayerische Versorgungskammer which purchased the centre and adjacent land in 2016 for more than €630m.
Planning documentation lodged with the planning application states that the centre owners "have invested significantly to date to deliver improvements to the customer experience, service facilities and the public realm".
A planning report states: "This investment of €26m to date is but the start with an additional €38m designated for extensions to the existing centre and car park upgrades and the owners through the proposed development will invest approximately €135m in the centre".
Planning consultants, Avison Young state that the application "will not only deliver significant improvements to the offer and operation of the Liffey Valley centre, it will also completely alter the role of the centre by providing a focal point for the community and greatly enhance the visitor experience".
Avison Young also state that the proposed development "represents a step towards redefining Liffey Valley Centre as a prominent economic driver as a focal point for the community and as a tourist destination.
The plan comprises of a two storey commercial extension comprising of over 46,783 sq metres.
An Bord Pleanala rejected plans for a previous major extension plan in February 2017 due mainly to the impact the proposal would have on the strategic and local road network.
The rejected 2017 application included an ice-rink arena however that component isn't part of the new scheme while the number of car-parking spaces has been reduced from 1,820 spaces to 855 spaces as the number of bike spaces has increased from 180 to 590.
The planning report states that "significant investment has been made in relation to the provision of traffic and transport measures to support the increased level of retail, leisure and commercial users at the centre".
The Design Team for the development have already advised local council planners that the new proposal is a smaller development compared to the rejected 2017 plan "in terms of overall floor space and proposed car-parking".
Asked on any impact Covid 19 may have on the plans, a spokesman for Hines on Tuesday stated: "The timelines for future development of this proven strategic location are contingent on the current planning process.
He stated: "We will continue to work with South Dublin County Council and all relevant statutory and local stakeholders throughout this period. It would be inappropriate to make any further comment until such time as a final planning decision is announced."
