No start date for "Central"

The firm behind the multi-million 'Central' shopping development planned for Mullingar has admitted that they will only get tenants if they accept rental rates way lower than could have been expected last year.But until they get tenants to give a definite 'aye' to coming on board, the firm won"t start building the Centre - granted permission on March 11 of last year by An Bord Pleanála.It is to go into the Blackhall area of Mullingar, and link down towards the new County Council offices. 'We do plan on starting this year - but it is all depending on tenant demand' said Eugene Moore, of the local firm, Bennett Developments.We have a planned date - but not a confirmed date.'Mr. Moore rubbished suggestions that plans for the development had been put on ice, in the light of the global economic crisis.'The plans are not "on ice". But obviously, it is very difficult in the environment we are in, to secure tenants,' he said.The sum invested in the project to date by Bennetts would amount to 'tens of millions', he said.'It"s not something that we can just walk away from: we were always fully committed to this.'There are continuing discussions with tenants, and it"s a question of tweaking designs to suit what the market wants, and when you have sufficient of them in the agreement zone, then you can press the button to go.'Mr. Moore admitted, however, that the firm has had to lower its expectations on the rental front.'The tenants we"re talking to are interested in Mullingar - at a smaller rental level, which is a lot lower than it was last year.'However, he said, Bennetts were still happy that Mullingar was a location that retailers would be interested in, although in terms of starting the project, it was something of a 'chicken and egg' situation, as they needed retail commitments before going ahead.He added that much of the residential element of the development is to come in the latter stages of the project, and that the An Bord Pleanála permission granted to them required them toContinued on page 4