Noonan plays key role in council’s €12m property deal
The Opera Centre site in Patrick Street was valued at over €100 million at the height of the property boom when it was acquired by a Northern Ireland businessman for development as a huge shopping mall.
The city council yesterday closed a deal to buy the site for €12m from Nama.
Environment Minister Phil Hogan had been in talks with Mr Noonan in relation to the city council’s planned purchase of the site. The purchase deal was closed at 4pm yesterday, with Cork auctioneers Savills handling the sale.
Mr Noonan said regeneration in Limerick was not just about run-down housing estates but also, crucially, about the development of the city centre.
“The fear was if a private developer bought the site, it would be left there for decades before anything was done with it,” said Mr Noonan. “Limerick city manager Tom Mackey and Denis Brosnan [who chairs Limerick's local government committee] were anxious that urgent action was taken to secure the site and were the driving forces behind this development.
“It was a commercial deal with Nama. This site will be a key element in the regeneration of the centre of Limerick city centre, will present an opportunity for the development of this crucially important strategic site to proceed in a proper manner, and will be central to a key strategy plan for the development of the city centre and the inner city.”
Limerick’s mayor Cllr Jim Long said the purchase was one of the most important deals ever in the history of the council.
He said: “I want to thank Phil Hogan, Michael Noonan, Tom Mackey and Denis Brosnan for allowing us acquire this key site. It is now up to us and all other bodies interested in the city to come up with plans that will help Limerick be in the vanguard in getting this country out of the present difficulties.”
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