Prominent corner unit facing onto Cope Street and Fownes Street with high levels of pedestrian footfall.
While British retailer Tesco plans 10 or more new Irish stores in the next 18 months, its more up-market rival Marks & Spencer is set to open its sole new Irish store this year in Cork.
Having secured M&S, Douglas Village Shopping Centre owners the Shipton Group follow with a pet deal of their own – a 6,000 sq. ft. letting at the opposite end of the centre from M&S, to pet supply company Maxi Zoo.
Marks are due to open their 15,000 sq. ft (22,000 sq. ft. gross) store in late November – in plenty of time for Christmas. They say they will bring 100 new jobs to the revamped centre, where Tesco are main anchor, owning their own 90,000 sq. ft. of space over two levels.
This week, Tesco announced an 8% rise in sales, and said their current €115 million expansion of 11 supermarkets could bring 750 jobs. Planned new locations include Waterford’s Ballybeg; Newcastle, Galway; Swinford in Mayo; Naas, along with recent openings in Dublin, Wicklow and Westmeath.
Over 1,000 job applications and CVs were received for M&S’s 100 new Cork jobs alone, and all posts are now filled. The company has 700 British outlets and 300 others in up to 40 countries worldwide. M&S opened in Clonmel’s Showgrounds last year.
The Love family’s Shipton Group redeveloped the 1970s Douglas Village Shopping Centre in ‘08/09, more than doubling it in size to 250,000 sq. ft., as part of circa €90m investment to include Tesco’s own unit (their largest in Munster).
It has close to 50 shop units, and 1,000 multi-level car parking spaces. One of the latest arrivals is Welch Sports, after a quality re-fit of the old Lifestyle Sports store.
Joint agents DTZ Sherry FitzGerald and Bannon this week confirmed a Douglas centre deal with Maxi Zoo to open a circa 6,000 sq. ft. unit, their eighth store here and their first to open within a shopping centre.
There are two circa 10,000 sq. ft. units in the old Tesco footprint available, at a quoted rent of c€30 psf, suitable for ladies fashions, a Next etc.
Quoted from Sitewatch, Tommy Barker, Irish Examiner
Bannon have recently been appointed by GoldCore Ltd to acquire new offices in Dublin 2/4. The search for the offices, which is well under way, will be geared towards modern offices ideally on a single floor comprising approximately 325 sq m with the ability to grow to 450 sq m over time.
Bannon are currently refining the search from an original list of thirty options to a final shortlist of five.
For further information relating to lease advice/property acquisitions, contact Katie Williams or Louise Doherty on 01 647 7900.
Bannon are delighted to announce the decision by An Bord Pleanala to grant planning permission for Chartered Land’s Dublin Central Development. This decision marks the culmination of several years work by the entire team involved. Bannon has been involved from the outset of this project which aims to deliver a major commercial development in Dublin City Centre which will re-establish this location as the premier retail destination for Ireland.
The development will occupy a high profile site of c. 2.17 hectares with extensive frontage (220 meters) on Dublin’s principle thoroughfare, O’Connell Street, which has been transformed in recent years with works carried out in its public realm. The scheme will also enjoy profile and access to Henry Street, one of Dublin’s busiest shopping streets with additional access onto Moore Street and Parnell Street.
The scheme will comprise in excess of 100,000 sq.m. (1.1 Million Sq. Ft.) of accommodation including 100 shops, restaurants, 700 basement car parking spaces and 22 apartments. Dublin Central will be anchored by the country’s largest Department Store comprising approximately 25,000 sq.m. Terms are agreed with John Lewis to occupy this major store.
Bannon are pleased to report strong on-going interest from major UK and international tenants interested in securing flagship store presence in Ireland. Dublin Central has been designed to provide large modern retail footprints that to date have been rarely available within the existing fabric of Dublin City. This development will represent the first major retail addition to Dublin City Centre since the Jervis Centre in 1996 which highlights the pressing need for the delivery of a scheme for the 21st Century. Due to the complexity in assembling a site of this size, this truly represents a once in a generation opportunity which will, upon opening in 2016, prove to be a major success.
National Toll Roads (NTR) has relocated their office within Citywest Business Campus to 3050 Lakedrive.
They have taken a short term sublease from Independent News and Media on approximately 160 sq.m.
NTR began their business as a developer and operator of toll roads involved in Public Private Partnerships for the construction, financing and operation of major extensions to the existing road network. They have since diversified into new areas to include waste, energy and water.
Bannon acted for NTR.
Legislation endeavouring to abolish the upward-only rent review is shaking the foundations of the property establishment. In most leases it means rents cannot fall below the prevailing rate when the rent is reviewed, usually every five years.
What is curious about the proposal is that it is in essence seeking to secure by force something that the market could, and is, providing anyway.
A potential tenant is currently perfectly within its rights to seek an upward and downward rent review within a new lease (in precisely the same way as a house buyer is entitled to seek a fixed or variable mortgage from the bank).
If all tenants demanded this clause landlords would have no option but to concede. In essence the debate is actually about the alignment of the landlords’ and tenants’ interests and is largely only relevant in respect of retail property.
In this regard landlords and their leases have been reacting accordingly. Leases that cater for base rents of 70% to 80% of market value with turnover top-up have been around for some time.
Similarly, 100% turnover-related rents are also on the increase and essentially represent the majority of rental deals done this year.
Consequently, whether as a result of the natural evolution of the market or indeed the abolition of upward-only rent reviews, investing in property will no longer be about the lease or even the tenant covenant, but the specific property. Private investors, institutions and bankers alike have, to date, been looking at properties as financial instruments. Cash flowing out via lease payments with the benefit of upward-only reviews in the context of a given tenant’s covenant to arrive at an acceptable return has been the flawed foundation of property investment over the past decade. The property adviser’s role in the exercise was often relegated to a rubber-stamping valuation exercise a few days before contract signing. This uninformed approach to property investment has been the stronghold of many naïve investment syndicates over the past few years and explains the success of the myriad of bank sales and leasebacks.
So if a newly let shopping centre is acquired from here on it will all be about the ability of that property now and in the future to justify its rent role. Sustainable rents will be the focus.
In this regard property becomes a living breathing commodity and not a financial instrument and understanding it will be the key to successful investment. Supply and demand will form the foundation of this analysis in the unregulated development markets such as the office and industrial sectors.
However, property-specific issues such as running costs, occupational obsolescence and ongoing refurbishment capacity will be of critical importance.
For the regulated retail development market it is much more complex. It is not just about the physical property and the likely supply and demand to the sector but also about understanding the tenants’ business and what makes them profitable in that specific property.
This sector above all others will see an alignment of interest between the landlords and tenants and understanding it will be key.
Rod Nowlan, Investment Director
Providing some much needed good news within the commercial property market, joint agents Bannon and Kelly Walsh have successfully let a further four units at St. Olaves Business Centre, Kinsealy.
In a more challenging property market, the joint agents have secured Eugene Berry Financial Services, Green with Envy Landscape Designers, McGovern Public Relations and Jim Clarke Project Management.
Just three units remain available which would suit a variety of service/office providers or destination retail uses such as a café, restaurant, beauty salon etc.
Developed by Newlyn Developments, St. Olave’s Business Centre is also home to Links Crèche and Montessori and Collier Broderick Resource Consultancy.
Despite the slowdown in suburban lettings Newlyn developments had adopted an innovative strategy of enabling the tenant to lease the units on a long term basis with the option to purchase them at an agreed price in the future.
Marcus Wren, Director with Bannon said “given the shortage of funding at present, this approach has proven extremely successful, allowing interested parties the luxury of testing the location by renting initially with the option to purchase once funding is more readily available. We continue to have significant interest from potential occupiers, mainly based in the surrounding north Dublin suburbs such as Malahide, Portmarnock and Kinsealy who are attracted by the high quality of the development, plenty of car parking, low occupational costs and the ease of access by car and bus to the city centre, airport and M50.”
The own door showroom/retail units range in size from 66 sq.m up to 321 sq.m and are finished to a high standard while also benefiting from ample car parking. Attractive terms are being offered with quoting rents in the region of €215 per sq.m.
For further information please contact Louise Doherty or Katie Williams on 01 6477 900
John Lewis has confirmed it is to debut in Ireland and open its first non-UK store in the capital city at Chartered Land’s O’Connell Street scheme.
As revealed by Property Week in May, the department store operator has agreed to occupy a 250,000 sq ft space at the scheme – Dublin Central – spread over five levels.
The move represents an investment of EUR50m (£40.5m) for the John Lewis Partnership in Ireland and is expected to create over 800 new jobs. The store will open in 2013. The Dublin department store will form part of the company’s existing expansion plans to double the size of its business in the next ten years.
Dominic Deeny, Chartered Land chief executive, said: ‘We are delighted to welcome John Lewis as the anchor tenant for our proposed Dublin Central scheme, which aims to be at the top of the Irish retail hierarchy.’
Gareth Thomas, director of retail design and development for John Lewis said: ‘Today’s announcement is significant for John Lewis in that it marks the first move by John Lewis to a location outside the United Kingdom.’
‘We look forward to developing our presence in the Irish market and in due course, delivering our unique and exciting product range and service offering to Irish shoppers.’
Neil Bannon of Bannon acted for the landlord.
Dundrum Town Centre, the prestigious 850,000 square feet shopping centre, 5 kilometres south of Dublin City Centre is to welcome Hamleys, the world’s most famous toy shop. The 250 year old toy retailer, famed for its magic, theatre and entertainment, is opening its first European stand alone store outside of its famous flagship shop in London’s Regent Street.
Hamleys Dundrum is scheduled to open October 2008 and will occupy 37,000 square feet arranged over three floors, acting as an anchor in the soon to be opened Pembroke Avenue located adjacent to Town Square. The new toy shop will replicate all the magical and experiential elements of the Regent Street store, promising the ultimate treat for all the family.
The store will appeal to all age-groups and interests, selling a wide range of toys from the much loved brands to more traditional and nostalgic toys and quirky and unusual products. These will include the full range of Hamleys own brand, renowned for exceptional quality and play value. Demonstrators will bring the store to life and the shop will host exclusive product launches. Other store elements will include a fun2learn area for pre-school children, roaming magicians, a teddy bear park, a puppet area, a rally dome, a cuddly soft animal area and much more. Special events will include face painting and visits from much loved children’s characters, treasure hunts, trails and amazing competitions.
Hamleys Dundrum will also offer facilities which can be hired for private parties and events. A cafe will sell delicious and nutritious meals and snacks specifically appealing to children.
The store will look to employ approximately 60 people.
Darren Peavoy who acted on behalf of the Landlord commented ‘this letting is another major coup for Dundrum. Attracting Hamleys to the scheme has been a fantastic achievement for the entire development team. Hamleys will generate an additional draw to the scheme and in particular to Pembroke Avenue. We are now marketing units between Hamleys and Harvey Nichols and expect demand for the remaining retail and restaurant units to be strong on the back of the Hamleys announcement.’
Paul Currie, Hamleys Trading Director, says: ‘We are extremely excited to be coming to Dundrum Town Centre, a premium location for fabulous shopping and days out. This is our first stand-alone store outside of Regent Street and continues our programme of global expansion. A considerable portion of our overseas customers are Irish and we are looking forward to growing this customer base. We are sure that Dundrum customers will engage with the magical and exciting elements of our brand and Hamleys will become a favourite for children and parents alike.’
Don Nugent, Centre Director of Dundrum Town Centre, comments: ‘Dundrum Town Centre is firmly established at the forefront of retail in Ireland, and renowned for bringing new names and offers to our discerning customers. Dundrum Town Centre is continuing to prove itself as a world class retail destination with the strength to attract brand names such as Hamleys to the scheme. The offer is something completely unique to the Irish shopper, the excitement and entertainment factor of visiting a Hamleys store is a huge draw for consumers and it is proved by the high footfall that their stores experience. Hamleys provide yet another point of difference for Dundrum Town Centre and goes further to reinforce our position as the number one shopping destination in Ireland.’
‘To be able to bring Hamleys to Dundrum is a wonderful achievement, and I am sure that every child (young and old!) will look forward to the opening in October, which will certainly bring Christmas early this year.’
Darren Peavoy of Bannon acted for the landlord.
Guy Grainger of Churston Heard represented Hamleys.
Dublin’s well known fashion footwear retailer, Fitzpatricks Shoes, is to open a new outlet at the chq building in Dublin’s Docklands. This development is a natural expansion of the company’s already successful outlets in Grafton Street, where it has been operating for over 70 years, and Dundrum Town Centre.
Fitzpatricks Shoes will occupy a 244 square metre unit and are due to start trading in early May.
The new shoe store will join recently confirmed new tenants – women’s fashion store, Kohl; shoe boutique, The Pink Room and men’s tailor, Louis Copeland, all set to open their doors in April.
The CHQ building is anchored by Meadows & Byrne and Environmental Furniture with other retailers including Nue Blue Eriu, Ciaran Sweeney, Henry Jermyn and Bunnies by the Bay. Also located in the chq building are Fran & Jane, Kevin Sharkey as well as cafes, Insomnia, Starbucks and House of Tea. The Ely wine bar has also been trading successfully at the CHQ building since June 2006.
The CHQ building is located in the heart of the IFSC and is just an eight minute walk from O’Connell Street. The building faces George’s Dock, the site of the new Abbey Theatre.
Further details in respect of any remaining units can be obtained from Bannon, Tel 01 647 7900 or retail@bannon.ie
Bannon Commercial is marketing a new retail development on the main street in Portmarnock. It will be called ‘ONE PORTMARNOCK’ and provide 4no. retail units ranging in size from 129 sq.m. to 863 sq.m. including 25 residential units. The development will take place on a green field site directly opposite the Golf Links Road.
The retail units are being promoted for a range of uses including a large convenience store, coffee shop, pharmacy, hair salon and fashion boutiques all catering for the needs of the local population. The scheme has full planning permission and construction is due to commence shortly under the direction MJS Properties Ltd., a property development company run by local business man Mannix Smith.
Peter Levins of Bannon believes that Portmarnock is in need of fresh retail development. ‘The existing local population of over 21,000 people is grossly under-serviced with leakage of expenditure occurring to surrounding towns of Malahide and Swords. Retail development in the town to date has been on a linear basis along the main street and has therefore not provided Portmarnock with a recognisable centre. The provision of a supermarket and car parking for over 53 cars will now provide residents with this, thus lifting the profile and effectiveness of retailing in the town. I am firmly of the view that Portmarnock has every opportunity to provide the kind of quality retailing that is evident in suburban towns like Greystones, Dalkey and Malahide.’
THE PINK ROOM AND KOHL TO OPEN IN DOCKLANDS. Two more fashion tenants have been confirmed for the recently opened chq building in Dublin’s Docklands. Women’s fashion store Kohl and shoe boutique The Pink Room are set to open their doors in April, bringing to fifteen the number of tenants in the chq building in Docklands.
Kohl stocks everything from smart business and day wear to evening and special occasion wear while The Pink Room is a dedicated shoe boutique offering everything from boho style to high end luxury items. Both retailers will appeal to the existing catchment and draw from a wider area.
The chq building is anchored by Meadows & Byrne and Environmental Furniture with other retailers including, Nue Blue Eriu, Ciaran Sweeney and Bunnies by the Bay.
Also located in the chq building are Fran & Jane, Henry Jermyn as well as cafes, Insomnia, Starbucks and House of Tea. The ely wine bar has also been trading successfully at the chq building since June 2006. Renowned men’s tailor Louis Copeland will open in the building in the coming weeks.
The chq building is located in the heart of the IFSC and is just an eight minute walk from O’Connell Street. The building faces George’s Dock, the site of the new Abbey Theatre.
Further details can be obtained in respect of any remaining units from Bannon, Tel 01 647 7900 or retail@bannon.ie
Bannon are launching a scheme of new c. 2,730sq.m of own door offices/showrooms. Located on the highly visible Citywest Road and beside the new Citywest Shopping Centre, units range in size from c. 189 sq.m. up to 992 sq.m.
Finished to an extremely high level of specification to include carpeted floors, metal suspended ceiling tiles, plastered and painted walls, WC and kitchen facilities, the offices are being offered either For Sale or To Let. The units will be attractive to a number of occupiers including, Travel Agents, Solicitors practice, Office Suppliers, Showrooms etc.
These recently completed units are located next to the Citywest Shopping Centre where tenants such as Dunnes, Costa Coffee, Lifestyle Sports, Carphone Warehouse and many more have all recently opened.
The arrival of the Luas in 2009/2010 with a Luas stop just 250m from the development, the opening of the Outer Ring Road (mid-end of 2008) and the excellent infrastructure and amenities that Citywest has to offer, makes these offices/showrooms even more attractive.
Agents Bannon have confirmed that they have struck a deal with Warehouse to take the last unit in Chartered Land’s retail scheme in South King Street, off Grafton Street in Dublin.
The ladies wear retailer is to occupy a store of approximately 4,000 sq.ft. over two levels. They will trade alongside H&M and Zara, who have already committed to the scheme. The store is part of the Mosaic Group which includes other brands such as Karen Millen, Oasis, Coast & Principles. As Warehouse already trade on Grafton Street, the move is likely another brand from within the group moving to their existing store. The development is scheduled to open in time for Christmas next year and will extend the country’s prime retail pitch.
Kevin Sweeney of Bannons adds ‘Warehouse is a great addition to the scheme. It sees the culmination of our original goal to achieve a top class tenant line up in the location. We are delighted with the results.’
The development is over 10,000 sq.m. in total, with approximately 4,000 sq.m. of retail space.
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