BLANCHARDSTOWN: Green Property chief executive Mr Stephen Vernon has confirmed that rents will rise substantially at its flagship Blanchardstown Centre, but declined to comment on an exact figure.

"I don't know exactly what the percentage increase is but they are rising very substantially," he said after the company's annual meeting yesterday. Earlier reports had suggested the rents would rise by up to 140 per cent as part of a rent review at the centre.

Rents are comparatively low, said Mr Vernon. "You have to put this in perspective. When we first let Blanchardstown, the rents were about the same as Northside [in Coolock], so the fact that they are now hiking up a bit is hardly surprising." Rent rises at Blanchardstown would enhance cash flow at Green Property. The yield has been low because the centre's valuation has reflected the potential rise in rents, said Mr Vernon.