THE cynics thought it would never happen but Green Property will prove them wrong on Wednesday next when it opens the mammoth £100 million Blanchardstown Shopping Centre. "We are going to hang in there says 46-year-old managing director, Mr Stephen Vernon.

When he joined Green three years ago the main problem was how to fund the construction costs, estimated at £50 million. Because Green was so small - it was capitalised at some £10 million - the company did not know how to fund the project. At the time, the prospect of funding it on its own seemed very remote. It appeared that an outside investor would have to be found to share in the action.

But Mr Vernon did not want to go down that route. "That is why we purchased Dublin City Properties (for £42 million), that gave us critical mass". Green is now capitalised at more than £150 million.

Although the Blanchardstown site was purchased 20 years ago, the development was unable to move ahead until it acquired a major anchor tenant. That happened in the Summer of 1994 when Dunnes Stores signed up. Dunnes was followed by Roches Stores and Easons.

Green has not specified what each company paid for the sites. However, industry sources say Green received a total of around £12 million. Mr Vernon says that the funds received went towards the development costs. With obvious pride, he notes that Green now owns the centre which fits into his strategy of "wanting to make money for the shareholders".

While the Blanchardstown Shopping Centre is by far the largest development by Green, it will not swamp its balance sheet. The group's gross assets, for example, now amount to around £280 million. The centre accounts for £80 million of that.

However, there will be a considerable boost to investment income. Green intends to keep the centre, according to Mr Vernon who estimates the annual rental income at £6.6 million. This compares with the £9.5 million rental income generated by Green in 1995.

Asked about competition from the proposed £60 million Quarryvale shopping centre planned for West Dublin, he notes that it has "got to be built first" adding we are very significantly bigger". Noting the imminent opening of the Blanchardstown centre, he observes "we will have people buying loads of bread" next week.

In any event, he feels that there is plenty of demand for large shopping centres from shoppers and envisages buses packed with consumers visiting the centre for a shopping spree. The new M50 is also expected to bring in shoppers from outside the Blanchardstown catchment area.

Mr Vernon speaks glowingly about the housing developments in Blanchardstown. "A lot of houses weren't there three years ago. Now it is absolutely booming."

Are there no potential negatives about the new shopping development?

Although the centre has "loads" of parking spaces, including a special area for coaches "we hope it won't cause traffic congestion". With over 3,000 car parking-spaces in four car parks, Mr Vernon is confident the centre will not add to traffic problems.

The 650,000 square feet centre will employ 2,000 people and Green is expecting it to attract more than 300,000 shoppers each week. Dunnes has 105,000 square feet and Roches has 85,000 square feet. There are over 100 other outlets.

Green is already planning phase two, involving a further 170,000 square feet, for the centre. This includes a 9-screen UCI cinema, restaurants, fast food outlets and other outlets. And with an eye to the expanding leisure field, the plans include a 55,000 square feet Leisureplex which should be opened next year.

And after that? Green, Mr Vernon notes, has a 31-acre site adjoining the centre which has been earmarked as a possible site for a regional technical college. The Government has an option over 20 acres which has to be exercised by next April. If the option is exercised Green will still be able to develop a further 11 acres which may be used for retail warehousing and offices. There could also be a large family-type pub, he says.

Mr Vernon notes that he has been "very happy" with his first three-year tenure, so what about the next three years? "Well, there's a lot of luck but you have to create the right breaks. The focus will now be on net asset value. We hope to have as much (growth) as in the previous three years".