A NEWLY formed company is to redevelop and operate the existing cinema complex at The Square shopping centre in Tallaght, south Dublin.
The Ward family, part of the Ward Anderson Group, is to join forces with solicitor Noel Smyth’s Alburn company to take over the running of the 55,000 sq ft centre, which has been closed since last February.
The new company is to spend €10 million fitting out at least 12 new digital and 3D cinemas and upgrading the overall facility in the expectation that it will attract to up to one million patrons a year.
The cinemas will open in the run-up to Christmas following a decision by Anglo Irish Bank to fund the modifications.
Alburn will have a 50 per cent stake in the cinema-operating company, which will pay a basic rent and a percentage of the turnover.
The agreement comes almost two months after rival developer Bernard McNamara announced he was also seeking Nama approval to proceed with a €60 million leisure and retail complex on the former Woodies site at the front of The Square shopping centre.
The €60 million plan provides for 13 new cinemas with a total of 3,000 seats to be rented by UCI/ Leisureplex at €2 million a year. The five-storey over-basement scheme will have retail use on the ground and first floors and a basement car park with 270 spaces.
Alburn is owner of the shopping centre, which is to be substantially enlarged in the coming years.
