Knocknacarra site to be developed after planners extend deadline

The new owners of the ‘hole in the ground’ beside the Galway Gateway retail complex in Knocknacarra have been given permission to leave the site as it stands for another three years.

Targeted Investment Opportunities ICAV (a joint venture between investment funds managed by Oaktree Capital, the Westmeath-based Bennett Group and NAMA) purchased the 3.5-acre site in April and have told city planners that planning permission on the excavated hole adjacent to Dunnes Stores will expire before they get an opportunity to develop Phase 2 of the centre.

They sought permission for an extension of time on the retained excavation and security fencing for a period of three years, which has been approved by Galway City Council.

“Our client would require [a three-year] time period in which to commence development at the site. 2015 was the beginning of the economic recovery and our client acquired the site on April 18, 2016 and therefore needs sufficient time to review [the existing planning permission] and potentially seek amendments to the permission before development can commence,” the application reads.

The Phase 2 planning permission includes:

■ A standalone 3-4 storey block located on the northern side of a new pedestrian link to Bóthar Stiofáin.
■ The block will include a crèche at ground floor level with external play area (which will act as a drop-off for shoppers).
■ 7 retail units at ground and first floor levels (95,000 square feet of retail space).
■ Primary health care facility at second and third floor with associated ground floor lobby/reception area.
■ 3 restaurant/cafe units at ground and first floor level (10,500 sq ft) north of Dunnes Stores.
■ A further 149 parking spaces in an extension to the existing basement carpark.

The previous owners, Rumbold, carried out the extensive excavations for Phase 2, but work was abandoned in 2007 because the company could not secure funding to continue the project.