NAMA backed Tallaght Square shopping centre lost over €1 million last year

NAMA took full control of the shopping centre in 2013

NAMA backed Tallaght Square shopping centre lost over €1 million last year

The Square Tallaght. SouthDublinLibraries.ie

The company which runs the Square shopping centre in Tallaght, Dublin, racked up a €1.1m loss in 2015, following a €939,000 loss the previous year.

The Square, which was Ireland’s largest shopping centre when it opened in 1990, is majority owned by Indego, but the day-to-day operations are handled by a subsidiary firm called The Square Management.

Accounts filed for The Square Management show that its net liabilities rose to €16.2 million during the 12 months to the end of September last year, a jump of more than €200,000 million compared with the previous financial year.

In 2013 the National Assets Management Agency (Nama) took full control of the shopping centre.

The accounts show that the centre generated €6.3 million in rent last year, the same as 2014, and while most of its costs were largely unchanged and administrative expenses fell other operating income at the company dropped by €240,000 to €337,000 sinking the company into deeper financial trouble.

The accounts note that "The company is dependent for its working capital on funds provided to it by Nama,"
"During the year, the company received, and continues to receive, financial support from Nama, which is subject to certain conditions being met by the company."

Last year a planned €40 million refurbishment of the centre became embroiled in a legal battle with its anchor tenant Dunnes Stores.

An Bord Pleanála granted planning permission for the revamp in September 2014. It's due to include a new department store and the addition of an extra 135,000 sq ft of retail space.

Dunnes Stores sought a judicial review of the planning permission on the grounds that it believed the redevelopment would negatively impact its business.

Nama also launched a legal action against Dunnes Stores over the dispute.