Kelly: financial difficulties

The consortium behind a new €2bn town centre planned for Bray, Co Wicklow, has been granted planning permission for the development of a discount foodstore on part of the Industrial Yarns site in the town.

Both Aldi and Lidl were in a bidding war to buy the site from the consortium, which comprised the Kelly, McCormack and Flynn development families, the Newlyn Group, Durkan New Homes and Pierse. Paddy Kelly and Pierse have since had well-publicised financial difficulties.

The consortium bought the 62-acre former Bray Golf Club and the adjoining Industrial Yarns site from Dwyer Nolan for almost €90m in 2003.

The consortium is hoping to attract Dunnes Stores as an anchor tenant for the main shopping centre and also plans to develop an eight-screen cinema, a hotel, apartments and offices, in a scheme that had been promoted as a rival to the Dundrum Town Centre. Planning permission for that element of the scheme was granted last year subject to conditions.