Blackrock International has announced a joint venture with Lagan Developments to build a new retail park in Navan.

The 28.8 acre Athboy site will soon be home to a 160,000 square foot development estimated at €70m, which Blackrock believes is in a high profile location. The site will have an extensive road facing edifice on Navan's new road network, and will be opportunistically integrated with the new M3 motorway, which is also under construction.

The future continues to bode well for the development as a major anchor tenant has been recently secured shortly after planning permission was granted, and negotiations with other retailers are at an "advanced stage". The news comes as a spate of infrastructure improvements get underway in Navan, promising a lucrative future for the Cavan town.

-- Advertisement --

Contracts have also been agreed with Sisk Group for the construction of the park and it is anticipated that the contractors will commence on site shortly, with units expected to be ready for occupation in autumn 2008.

The joint venture retains approximately eight further acres at the site, which it intends to develop in the future.

Blackrock Chairman, Carl McCann, said: "We are pleased that the construction phase is about to get under way at Navan Retail Park. Navan has seen unprecedented development, with its population having doubled in size in the 10 years to the end of 2006. The retail park is ideally located to cater for the increased demand created by this expansion."

(DW/JM)