The prospect of a new shopping centre and leisure complex being developed in Ballymun Town Centre may have moved a stage closer this week with the granting of planning permission for the scheme as well as for 500 new apartments.

Several tenants in the existing rundown centre led by Kevin Molloy of Molloys Liquor Stores had lodged objections to the granting of permission for the new shopping centre but after lengthy negotiations with Treasury Holdings, agreed to withdraw.

This opens the way for a 10-year permission but given that work cannot proceed until three tower blocks are demolished and that there is still unfinished business with Dublin City Council, the developers may well need a long time frame.

Treasury bought a 53 per cent stake in the old shopping centre from Sisk Properties in 2000 for €7.62 million and is understood to be in negotiations to acquire the remaining interests from the City Council.

The overall site has since been extended to 17 acres and will involvement an investment of over €100 million. Treasury says the town centre will be developed in two phases over the next five to seven years and will consist of 30,000 sq m (322,917 sq ft) of retail space, a 15,000 sq m (161,458 sq ft) leisure centre and 500 apartments.

The first phase, to be located south of the existing shopping centre, will include a large food anchor store, internal and external retail units, a ten-screen multiplex cinema, food court, undeground parking and apartments.

Once the first phas has been built, it is anticipated that the tenants of the existing shopping centre will move into the new space.

Once that happens the present shopping centre will be demolished to make way for a large department store, other shops and leisure units as well as underground car parking and more apartments.

Larry Brennan of agent Hamilton Osborne King said he was extremely confident that Ballymun would be able to sustain a significant level of comparison fashion shopping.