Wednesday, November 14 11:16:58
Edward Holdings, the Galway based development company headed by Gerry Barrett, today said that it has reached a deal with NAMA on a major expansion of the Scotch Hall Shopping Centre in Drogheda that will see 150 jobs created.
.NAMA will finance a E20 million cinema, restaurant and retail complex to boost business at the six-year-old Scotch Hall shopping centre.
This flagship shopping centre is seen as crucial to reinvigorating the business life of the Co Louth town which has been severely hit by the current recession.
The development is expected to employ in excess of 150 people pre and post-construction.
Work is expected to commence on the site in the first quarter of 2013 and is scheduled for completion by the third quarter of 2014.
In an effort to find the most appropriate cinema operator, NAMA stipulated that Edward Holdings appoint an independent panel to interview interested cinema operators and make a recommendation on the most suitable applicant. Edward Holdings can now announce that the EYE Cinema was successful in the independent competitive process.
It is anticipated that an indigenous Irish cinema brand such as the EYE with a proven track record though its highly successful operation in Galway will underpin the viability of Scotch Hall and maximise returns to NAMA. A significant leisure element such as a cinema and food court have become extremely important additions to established shopping centres especially in town centre locations such as Scotch Hall and the EYE will bring an exciting and innovative offering to Drogheda and is very good news for the Irish suppliers in the cinema market here.