Retail park portfolio’s €78m sale tests investor appetite

/in , , , , ,

With online shopping having come into its own following the unwelcome arrival of Covid-19, the sale by New York-headquartered Marathon Asset Management of three of Ireland’s best-known retail parks is set to test the post-pandemic appetite of investors for traditional bricks-and-mortar retail.

The Parks Collection is being offered to the market individually or as one lot by joint agents Cushman & Wakefield and Savills at a guide price of €78 million. The portfolio comprises Belgard Retail Park in Tallaght, Dublin 24, the M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary.

While the sale of the entire offers the prospective purchaser the opportunity to secure a collection of strongly-performing retail parks and an attractive net initial yield of 8.43 per cent, the portfolio’s assets are expected to see interest on an individual basis also.

Belgard Retail Park, for its part, is regarded as one of the foremost retail parks in the capital. Located on the Belgard Road in Tallaght and 11km from Dublin city centre, the scheme comes for sale fully-occupied and anchored by B&Q, the largest home improvement and garden centre retailer in the UK and Ireland. Other occupiers include Homestore & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks.

While the scheme currently extends to 12,728sq m (137,000sq ft) with 482 car parking spaces, it has planning permission for an additional retail warehouse unit of 2,404sq m (25,877 sq ft) over two levels with 1,409 sq m (15,166 sq ft) of ground-floor space and 995sq m (10,710sq ft) of retail warehouse/storage space at mezzanine level.

The total current rent is about €3.13 million per annum with a weighted average unexpired lease term of 7.3 years. B&Q contributes around 67 per cent of the income on a lease until 2028 with an upward-only rent review clause.

The M1 Retail Park is located 3km west of Drogheda town centre and just off the M1 motorway connecting Dublin and Belfast. It comprises a mix of retail, office and leisure accommodation extending to a total of 24,805sq m (267,000sq ft), along with 600 car-parking spaces. The majority of the development is taken up by retail and leisure (89 per cent) and is anchored by Woodie’s DIY who occupy 4,885sq m (52,585sq ft). The park’s other tenants include Smyths Toys, Sports Direct /Brand Max, Dealz, Equipet and EZ Living amongst others.

The total current rent is €2.44 million per annum with a weighted average unexpired lease term of 8.4 years. Woodies (with lease guarantees from Grafton Group plc) contributes around 40 per cent of the income on a lease until September 2030 with upward-only rent reviews.

The scheme also includes Mellview House, a four-storey building comprising 25,048sq ft of office space, a 30,483sq ft gym at ground floor, basement and mezzanine levels operated by Gym Plus and a number of other smaller retail units. Another building known as the Pavilion is home to Costa Coffee and TC Matthews with a recent new letting to Lanu Medi Spa.

An additional site adjacent to M1 Retail Park also forms part of the Parks Collection sale. The land extends to 27 acres and comprises three adjoining plots with proposed zoning under the Draft Louth County Development Plan 2021-2027 for three uses, namely ‘A2 New Residential’, ‘ C1 Mixed Use’ and ‘ B4 District Centre’.

99% occupied

Poppyfield Retail Park is located 2.5km from Clonmel town centre at the junction of the Cahir Road and the N24. Developed in 2004, the scheme extends to 12,821sq m (138,000sq ft) and comprises a mix of 14 retail warehousing units, a neighbourhood centre and 393 car-parking spaces. The park is 99 per cent occupied and anchored by Woodie’s DIY (with a lease guarantee from Grafton Group plc) and SuperValu. Other high-profile tenants include Harry Corry, Maxi Zoo, EZ Living, World of Wonder and DID Electrical. The neighbourhood centre is occupied by Costa Coffee, Sam McCauley, along with a hair and beauty studio and fish-and-chips operator. KFC also have a drive-through at the entrance to the park which does not form part of the sale.

The total current rental income is €1.43 million per annum and the weighted average unexpired lease term is seven years. Woodie’s and SuperValu contribute around 52 per cent of the income, and have seven and eight years remaining on their respective leases.

Marathon Asset Management acquired the M1 and Poppyfield parks originally as part of a larger portfolio in 2014, which also included The Park, Carrickmines; Lakepoint Retail Park, Mullingar; and the Four Lakes Retail Park in Carlow. Belgard Retail Park was acquired separately.

Marathon has undertaken significant asset management and phased disposal of these assets since then. The latest sale from its Irish retail portfolio was completed only this week and saw a private high net worth investor paying close to €7 million to secure ownership of Lakepoint Retail Park in Mullingar.

The scheme, which is anchored by Woodie’s DIY, is generating total rent of €516,000 per annum giving the purchaser an initial return of just under 7 per cent. The deal was brokered on Marathon’s behalf by Rod Nowlan of Bannon while Declan Bagnall of Bagnall Doyle McMahon represented the purchaser.

Article by The Irish Times 

Neil Bannon on Retail Recovery

/in , , , ,

One of the recommendations in our recent report on City Centre retail for Dublin City Council was to improve connectivity between the Retail Core and the Office and Cultural hubs within the City making it easier for City workers and tourists to connect to the shopping areas. Delighted to see the works taking place on Merrion Row and Baggot St which will both improve the pedestrian experience and facilitate on street dining.

Neil Bannon on the Retail Sector

/in , , , ,

Dublin Town reporting footfall in the City Centre at 87% of 2019 levels last Saturday, given the lack of Tourists that’s a very encouraging recovery. It will be interesting to see which retailers benefit most from the return of the consumer.

Retail giants poised to land in Dublin

/in , , ,

Retail Giants Poised to Land in Dublin. Neil Bannon commented that “retailers should fill the street by the first half of 2022. We will see Grafton Street pivot away from a UK-dominated high street mix to a more international mix”. Full article available in The Sunday Times.

Bannon Shopping Centre Portfolio – Footfall (2019, 2020, 2021)

/in , , , ,

In a normal year we welcome in excess of 100 million people into Bannon managed shopping centres. As is evident from the chart below the last 12 months have been very different. That said we remain hopeful that the end is now in sight and we look forward to seeing the portfolio back to full capacity in the near future.

After the pandemic: in Dublin’s bare city

/in , , , ,

 

After the pandemic: in Dublin’s bare city. Our streets must be reimagined to entice visitors rather than cater to workers. Bannon advises on this in The Sunday Times.

Neil Bannon on the Retail Sector

/in , , , ,

The dramatic improvement in the balance sheets of Irish Consumers in the last decade is astounding, savings are up 35% and debt is down 33%, a €70bn nett turnaround. The potential for a positive impact on the retail sector post reopening is clear, the question is where will the money be spent. We are modelling the potential impact on the different retail sub-sectors and expect to see a very different outturn to the 2013 recovery.

Blanchardstown Centre primes food offering for post-Covid shopping spree

/in , , ,

With the rollout of Covid-19 vaccines now under way, the owners of Blanchardstown Centre are gearing up for the return of significant numbers of shoppers to its stores, with three additions to the west Dublin outlet’s food and beverage line-up.

Having played host in 2018 to US donut giant Krispy Kreme’s most-successful opening globally, Blanchardstown has added boutique coffee house The Art of Coffee and specialist donut brand Off Beat to its offering. They will be joined later this year by gourmet burger chain Bunsen.

The Art of Coffee’s unit is its first in a shopping centre and is located at the red mall entrance beside BT2. The new 65sq m (700sq ft) store was added as part of the same development that saw German supermarket chain Aldi open a new 2,200sq m (23,680sq ft) store last December. Off Beat’s new store is located near Dunnes Stores in the green mall.

Bunsen’s new restaurant will be located immediately next door to Krispy Kreme. Extending to 190sq m (2,045sq ft), it will represent the popular chain’s first foray into a shopping centre since its establishment in 2013.

Commenting on the decision of the three brands to locate at Blanchardstown Centre, Sharon Walsh, leasing director at Falcon AM, said: “All three brands are best in class and Irish-owned. We are delighted that when they looked at growing their businesses in these challenging times, Blanchardstown was their destination of choice. These new additions will appeal to a broad demographic and enhance and compliment the already-wide food and beverage offering at Ireland’s largest shopping and leisure location.”

BNP Paribas and Bannon are the joint leasing agents at Blanchardstown Centre.

Article by The Irish Times 

Retail in Dublin City Centre 1790-1990

/in , , ,

Are you interested in the history of some of Dublin’s past and present retailers?

Well, the Central Library are hosting a new series by Dublin City Council Historian in Residence Dr Mary Muldowney which takes a look at retail streets like Henry Street and how they have changed over the last 100 years or so. The series features Dublin favourites Arnotts, Clerys, Roches Stores and other major retailers that have disappeared; as well as featuring the small businesses.

In her opening talk on 8 February, Mary introduced us to the history of retail in Dublin City Centre.

The next talk, Shopping in Dublin City Centre 1790-1990. Henry Street and the women who worked there is on 8 March at 7pm.

This lecture will take place on Zoom and, in honour of International Women’s Day on 8th March, it will focus on the women who ran and worked in the many retail businesses on Henry Street.

Article by Dublin City Council

Harry Corry is now open in Cavan Retail Park

/in , , ,

Despite the challenges facing the north-east this year due to impending Brexit and stricter lockdowns than their counterparts on either side of the border, it’s great to have some positive news and see Harry Corry open their latest store in Cavan Retail Park. Harry Corry are an international retailer specialising in home furnishings and this letting brings the park to full occupancy, further re-affirming the resilience of the retail park market.

Retail parks seize opportunity presented by High Street’s difficulty

/in , , , , , ,

It’s difficult to imagine things getting any worse for the retail sector than they did in 2020. But the chief driving force behind the decline of investor interest began long before Covid-19 arrived. There has been growing concern in relation to the impact of online retail and changing consumer trends on the long-term supply-demand dynamic for the bricks-and-mortar format. Much of this has been imported from the US where retail supply is five times that of Ireland, and the UK where it is 25 per cent higher and undergoing a sustainability crisis.

While the relative performances of these markets may already have been up for debate, the impact of Covid has ended the discussion. By mid-March the sector became virtually un-investable due to Covid-related uncertainties attaching to rental payments being added to those longer-term occupational concerns. The consequence of this is manifest in year-end investment turnover figures where retail will represent a record low 2.5 per cent of an anticipated total investment market turnover of € 3 billion. This from a sector that represented 24 per cent of investment turnover for the last decade (to 2019), but descending rapidly from a high of 53 per cent in 2016 to a previous record low in 2019 of 9 per cent.

Unsurprisingly for 2020 High Street retail has been worst affected with Grafton Street top of the list experiencing a 66 per cent reduction in footfall for March to October. While the street’s footfall figures had been holding steady at 25 million for the last two years, the 2020 outcome will be closer to 13 million.

No surprise then that almost a quarter of the units on the street are effectively available. Henry Street performed a little better as did some of the other city’s high streets, but the tone is similar. Next in line were the “comparison led” shopping centres which, as a general rule, saw footfall collapse during the first lockdown and rent collections plummet below 35 per cent. However, they did improve quickly and were less affected by the second lockdown. The burden of the service charge costs of running these mall-based schemes was exposed during these periods and will be a key factor in assessing the risk of ownership of these asset types in the future.

The resilience of the grocery sector shone through. No surprise therefore that 65 per cent of the limited 2020 retail investment transactions were grocery deals. Similarly, smaller grocery-led schemes performed better and recovered quicker than major town centres but weaker covenant strength and holding costs affected net rental collections.

Low holding costs
The retail sector’s star performers, however, have been the retail parks. Indeed, in the case of the 15 retail parks under Bannon management (between nationwide lockdowns) car throughput actually increased year on year for the period with rent collection rates approaching 100 per cent and impressive turnover increases. Even where tenants were adversely affected, low holding costs relative to shopping centres maximised the net income return to landlords.

If this crisis has accelerated the sector’s movement to the “retail endgame”, then retail parks and their occupiers have risen to the challenge. In this regard we envisage this asset type, along with grocery, to be the most liquid and popular sector for the year ahead.

Outside of this and following both Brexit and an anticipated mid-January lockdown we foresee a post-vaccine period of rebuilding balance sheets and filling occupational voids. While this period could take 12 to 24 months, there is little doubt that the rebasing of the sector generally will attract new investors wishing to get ahead of the recovery. This will probably manifest as loan trades first with a focus on fundamentally-sustainable schemes and high streets at attractive yields with occupiers who have embraced the omnichannel experience.

More sophisticated investors will recognise the buying opportunity that Covid-19 presents, especially if valuers fail to acknowledge the vast differences in performance across the sector.

Rod Nowlan is investment director at Bannon

Article by The Irish Times

The Warehouse Gym signs new lease in Gateway Shopping Park, Galway

/in , , ,

Gateway Shopping Park will soon have an exciting and state of the art gym opening. The Warehouse Gym has just signed a lease with the shopping park and is due to open in the second quarter of 2021. It will be one of the biggest gyms in the west of Ireland at 18,000 sq. ft and it will be their third location in Galway.

The Warehouse Gym was founded in County Galway in 2013 and has exploded in popularity due to its large selection of strength equipment, free weights, machines and cardio equipment. As their community grew, they expanded out of the city centre to Oranmore in the outskirts of Galway, where they continue to serve their loyal members. The new gym in Gateway Shopping Park will host Galway’s largest selection of free weights, squat racks, cardio equipment and resistance machines. Services offered include personal training, InBody scans, virtual coaching software and nutritional consultations which are all bookable through a mobile application.

Michael Shortall, the General Manager of The Warehouse Gym, said “As a local business, The Warehouse Gym is super excited to be opening the largest gym in the west of Ireland right here in the heart of Galway. Gateway Shopping Park is the perfect location for serving the health and fitness needs of the Knocknacarra and surrounding communities. It’s our mission to fulfil that need by providing a welcoming, clean and modern health club for all ages and interests.”

Sigma Retail Partners are the asset management company for Gateway Shopping Park. Paddy O’Connor, Asset Manager for the park, said: “Finding the right fitness offering for our park was a key strategy for us. We wanted to ensure that we selected the right gym operator to provide the local community and the surrounding areas with a state of the art and well-run fitness centre. We are so pleased that a well-established gym in Galway will be joining our newly extended shopping park. The Warehouse Gym will be the eighth new addition to the Phase 2 extension and we look forward to welcoming them into our shopping park next year.”

The new shopping park extension is the first provision of retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. It will have open-use retail units and food and beverage units.

Gateway Shopping Park already has an impressive line-up of retailers including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy, with new tenants recently opened in the Phase 2 extension, Harvey Norman, Boots, Carraig Donn, Petstop and Sonas Childcare. With the inclusion of The Warehouse Gym, the Phase 2 extension will be over 90% let.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE 

Bag City is now open in Marshes Shopping Centre, Dundalk

/in , , ,

Bannon are delighted to welcome Bag City to Marshes Shopping Centre, Dundalk in the lead up to Christmas despite a turbulent 2020. Jennifer Mulholland, Divisional Director, comments that the addition of Bag City to the Tenant mix at Marshes is another positive testament for the scheme which continues to be the North East’s most dominant retail scheme.

Name It is now open in The Square Tallaght

/in , , ,

Great to welcome Name It to The Square Town Centre, Tallaght! Fantastic news to start off the Christmas season.

Golden Discs & Catch open their doors in Pavilions Shopping Centre, Swords

/in , , ,

As we exit level 5 restrictions, there is cause for double celebrations yesterday in Swords Pavilions Shopping Centre with the opening of 2 new stores. Great to see both Golden Discs & Catch open their doors in the lead up to Christmas.

Aldi is now open in Blanchardstown Shopping Centre

/in , , ,

We are delighted to be part of the team to deliver the new Aldi store in Blanchardstown. This will be a fantastic addition to the scheme which continues to grow and improve with new tenants and mall improvements.

Pop Up Store Walker & Hunter to open again this December in Athlone Towncentre

/in , , ,

Great to see local menswear brand Walker & Hunt going from strength to strength and gradually making the shift from online to bricks and mortar, taking space in Athlone Town Centre for the second year in a row, opening soon.

Shopping Centre Portfolio – Footfall

/in , , , ,

In general the footfall across our portfolio is remarkably consistent every year, however 2020 is very different. We remain hopeful that people will shop with purpose when the restrictions are eased at the start of December.
Businesses across the country need a strong finish to the year and we can all help to make it happen.

Eden Medical Clinic is now open in MacDonagh Junction Shopping Centre

/in , ,

Bannon are delighted to welcome Eden Medical Clinic to MacDonagh Junction Shopping Centre, Kilkenny. Great to be involved in securing new store openings despite current level 5 restrictions.

Harvey Norman much-anticipated arrival into Sligo Retail Park is finally here

/in , , , ,

Harvey Norman has just opened their brand new 45,000 sq. ft store in Sligo Retail Park on Thursday, 5th November. It is Harvey Norman’s first store in County Sligo and the 16th store in Ireland. The store is opening under the Government guidelines on a restricted basis due to level 5 lockdown with only essential goods and click and collect available.

It is also the fifth Harvey Norman store in Sigma Retail Partners’ portfolio, with other Harvey Norman stores in Naas Retail Park, Drogheda Retail Park, Waterford Retail Park and Gateway Shopping Park.

With over 290 stores worldwide and currently 16 in the Republic of Ireland, Harvey Norman is the leading retailer of furniture, bedding, computer and electrical goods. The first Harvey Norman store opened in Swords in Dublin in August 2003. Its stores have over 750,000 square feet of retail space and boast a massive range of goods. Harvey Norman has a worldwide presence with stores in eight countries across the globe, including Singapore, Malaysia, Slovenia, New Zealand, Croatia and of course Ireland.

Paddy O’Connor, Asset Manager from Sigma Retail Partners, said “We are very pleased that one of the biggest and most well-known global retailers in household and electrical goods has joined Sligo Retail Park. It is the completion of a lengthy asset management strategy with a focus to bring Harvey Norman to Sligo and the wider North West catchment. We are very confident that Harvey Norman will perform extremely well in Sligo and they are a great addition to our other fantastic retail partners in Sligo Retail Park.”

Sligo Retail Park is the primary retail park destination in the North West catchment area with stores catering to a wide variety of customers and accommodates diverse retail use. It has a total of 14 retailers that include JYSK, Currys PC World, Smyths Toys, Homebase, Castle Davitt, Right Price Tiles, Homestore & More, EZ Living, McDonalds, Costa and KFC, with 1,000 free car parking spaces.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE

Neil Bannon on the Imposition of Essential Goods

/in , , , ,

The inconsistent and illogical nature of the imposition of essential goods only sales in retail across the country is causing serious damage to the sector.

We have reports from across the portfolio of local Jewellers who are operating on a Click & Collect basis being told to pull their shutter, a news agency being advised that can sell cigarettes and lotto tickets but not books or magazines, a florist being told to close who traded during the last (and more severe) lockdown.

The government needs to think about where this spend will go. A customer told they cannot buy a magazine or a book in a shop that is already open is one click away from redirecting spend from a small local business to Jeff Bezos

Sonas Early Learning Centre opens in Gateway Shopping Park, Galway

/in , , ,

Gateway Shopping Park in Galway has opened a Sonas Early Learning Centre that offers childcare to children from 6 months up to 12 years. It is the fifth unit to open in the shopping park’s newly completed extension in the last three months.

Sonas Early Learning Centre offers quality childcare to babies, toddlers, pre-school and after school children, in a caring, comfortable, and child-led environment. The centre has large, secure outdoor play areas equipped with infant-friendly surfaces, climbing equipment, play equipment and sports and exercise equipment. Sonas is part of the Spraoi Early Learning Centre group and this is Spraoi’s sixth centre in Galway and its eighth centre in Ireland.

Theresa Murphy from Spraoi said “We are delighted to announce that our newest early years service is now open, delivering excellence in childcare in our state of the art, purpose designed, spacious 5 playroom service. Our services focus on the delivery of a child led early years experience, implementing a curriculum under the Aistear Curriculum framework. Our service has recently undergone a TUSLA inspection and achieved full compliance with all the regulatory requirements. Our on site chef delivers delicious and nutritious meals prepared with the nutritional needs of your child in mind. We look forward to welcoming you.”

Sigma Retail Partners are the asset management company for Gateway Shopping Park. Paddy O’Connor, Asset Manager for the park, said: “There are many young families in and around the surrounding areas of Gateway Shopping Park and coupled with a school right next door, we knew that a crèche would be a wonderful addition to the development. We are therefore very pleased that Sonas has joined our newly extended park and we wish them all the best.”

The new shopping park extension is the first provision of retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. It will have open-use retail units, food and beverage units and a gym.

Gateway Shopping Park already has an impressive line-up of retailers including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy, with four new stores recently opened in the Phase 2 extension, Harvey Norman, Boots, Carraig Donn and Petstop.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE 

Newly extended Gateway Shopping Park opens its fourth store, Petstop

/in , , ,

In a matter of weeks the newly extended Gateway Shopping Park in Galway has opened its fourth new store, Petstop. The new store has a floor area of 6,500 sq. ft and brings the total number of Petstop stores in Ireland to eight, which include The Park Carrickmines and Limerick One Shopping Park.

Petstop is a chain of pet shops in Ireland stocking pet foods, pet supplies and pet accessories. They are a one-stop-shop for all petcare needs with over 7,000 products in their stores. Established 25 years ago in 1995, they are one of the leading pet store chains in Ireland.

Anthony Gallagher, the Managing Director of Petstop said “Petstop are delighted to have opened our latest store at Gateway Shopping Park in Galway. The reaction so far from pets and their parents has been fantastic. I hope we can welcome many more pet families to visit us at Knocknacarra. I would like to send my warmest congratulations to all my colleagues at Petstop in Galway and my friends at Sigma Retail Partners for making our opening such a success.”

Sigma Retail Partners are the asset management company for Gateway Shopping Park. Paddy O’Connor, Asset Manager for the park, said: “On behalf of Sigma, we are absolutely delighted to welcome Petstop to Gateway Shopping Park and feel they are a great addition to the existing line-up of retailers. Petstop will join top quality retailers including the recently opened Harvey Norman, Boots and Carraig Donn, as well as the impressive list of existing retailers. We wish them all the best in their new store.”

The new shopping park extension is the first provision of retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. It will have open-use retail units, food and beverage units, a creche and a gym.

Gateway Shopping Park already has an impressive line-up of retailers including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy, with three new stores recently opened in the Phase 2 extension, Harvey Norman, Boots and Carraig Donn.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE 

Carraig Donn’s Largest Store in Ireland to Open in Gateway Shopping Park

/in , , ,

Carraig Donn will open a new store in Gateway Shopping Park in Galway on Friday 11th September. The new store will be the largest of all their retail stores with a floor area of 4,700 sq. ft and it will bring the total number of Carraig Donn stores in Ireland to 42.

Carraig Donn is Ireland’s premier retailer of fashion, jewellery and giftware products. Carraig Donn was established 55 years ago in 1965 and has its head office in Westport, County Mayo. It is 100% Irish owned and currently employs over 500 people nationally.

Pat Hughes is the Managing Director of Carraig Donn and the company was founded by his parents, Padraig and Maire Hughes. Pat Hughes said “We’re delighted to announce the opening of our new flagship store, and our third store in Galway. Despite the challenges that exist in our industry as a result of Covid-19, we are committed to our growth and expansion plan. We have a loyal customer base in Galway, and we are delighted to bring the very best of Irish fashion, jewellery and homeware to Knocknacarra”.

Sigma Retail Partners are the asset management company for Gateway Shopping Park. Paddy O Connor, Asset Manager for the park, said: “On behalf of Sigma and indeed the wider design team and the owners, we are thrilled to welcome Carraig Donn to our newly extended and re-branded Gateway Shopping Park. Carraig Donn will join top quality retailers including Boots and Harvey Norman who also opened their fantastic new stores within the last few weeks, and will join existing tenants Dunnes, B&Q, Next, New Look and McSharry Pharmacy.”

The Phase 2 extension is the first provision of new retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. The new extension will have open-use retail units, food and beverage units, a creche and a gym.

Gateway Shopping Park already has an impressive line-up of retailers, including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy, with two new stores recently opened, Harvey Norman and Boots, and Petstop opening soon in the upcoming weeks.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE 

Neil Bannon – Retail Recovery

/in , ,

On the face of it the recovery in the retail sector is astounding. Excluding Cars the value of retail sales in Ireland in July was 5.9% higher than in July 2019. These are boom type numbers. Dig deeper and the continued polarisation of the Retail sector’s recovery is laid bare.

Bars, Books, Fuel & Department stores (Debenhams closure might be a large part of this) are still way down on last year meaning that the increase in sales in other sectors is stratospheric. Electrical up 26.5%, Furniture & Hardware up 20%, Food & Beverage up 16% and this is in comparison to 2019 not the lock down period. Bodes very well for Retail Parks.

Also positive to see 3.6% annual growth in the value of Clothing & Footwear. A note of caution, the natural rhythm of the retail sector has been greatly disrupted by COVID & lockdowns so we will be monitoring how sales in different sub-sectors balance out over the months ahead.

FunTech opens new store in Blanchardstown Centre

/in , , ,

FunTech is now open on Level 1 in Blanchardstown Centre. Phones, gadgets and accessories all available.

Liverpool FC opens new pop-up store in Swords Pavilions Shopping Centre

/in , , , ,

Liverpool FC have launched a brand new pop-up store in the Swords Pavilions Shopping Centre, making it the second official club store in Dublin.

Yours Clothing is now open in the Ilac Shopping Centre

/in , , ,

Yours Clothing, a plus-size retailer, is now open in the Ilac Shopping Centre.

Creation of 300 Jobs at Gateway Shopping Park’s Phase 2 in Galway

/in , , ,

The Phase 2 development provided over 150 jobs during the construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. It is also the first provision of new retail space outside of Dublin since 2008.

After the absence of any retail construction activity in Galway for more than 10 years, the brand new Gateway Shopping Park Phase 2 expansion has just been completed, with the first two retailers, Harvey Norman and Boots opening their stores this month. Boots opened their store early July with Harvey Norman opening their new flagship store of 60,000 sq. ft on 22nd July.

The newly completed Phase 2 extension will have open-use retail units, food and beverage units, a creche and also a gym. It will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland’s largest shopping destinations. Aside from Harvey Norman and Boots, Carraig Donn, Spraoi Early Learning and Evergreen, Esquires are also included in the line-up of new retailers in the expansion.

Gateway Shopping Park already has an impressive list of current retailers, including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy. The asset management company Sigma Retail Partners, on behalf of the owners Targeted Investment Opportunities ICAV, worked extensively on the project and the newly expanded retail asset will reinforce the shopping park as a primary shopping destination.

Gateway Shopping Park is located in Knocknacarra on Western Distributor Road, just across from the new gaelscoil that was built last year, Gaelscoil Mhic Amhlaigh. Gateway Shopping Park is also just a 10-minute drive from Galway city centre.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE

Harvey Norman open in Gateway Shopping Park in Galway

/in , , ,

Harvey Norman are set to open their premium store in the new Phase 2 development at Gateway Shopping Park, Knocknacarra, Galway on Wednesday the 22nd July. Harvey Norman will anchor the recently completed Phase 2 extension with the existing Phase 1 anchored by Dunnes Stores and B&Q.

The largest retailer of appliances, technology and interiors in Ireland, Harvey Norman, will open a new premium 60,000 sq. ft. store which will trade over 2 levels and will include furniture, bedding, homewares, technology and appliances. There is also a Synge & Byrne café located upstairs. Harvey Norman will be an exciting addition to the already impressive line-up which includes Dunnes Stores, B&Q, Boots, New Look and Next.

Commenting on the store opening, Harvey Norman CEO Peter Hearn said, “We are very excited to open the doors to our Galway store. Our team has created THE key shopping destination in Galway for furniture, bedding, appliances and technology. We are proud to showcase our large range of the latest Irish-made furniture and bedding, we’ve installed a huge kitchen display area, a games hub, a Wonder Photo Shop and more. The biggest global brands highlighted by the latest store fit design plus safe shopping measures are all in place for our Galway customers.” There have been 47 jobs created within the store and warehouse.

Paddy O’Connor of Sigma Retail Partners, the asset managers for Gateway Shopping Park, said “we are absolutely delighted with the opening of Harvey Norman in our shopping park. We are excited to finally be able to welcome Harvey Norman to Galway and wish the Harvey Norman team all the best in their impressive new store. This is the first large scale retail development in the country for a number of years and the confidence shown in the scheme, Galway and also traditional retail can be seen with the quality of the international and national renowned retailers we are partnering with. Harvey Norman and the new Phase 2 tenants will solidify Gateway Shopping Park as a leading retail destination in the Galway catchment”.

The new Phase 2 extension is the first provision of new retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied.

The Phase 2 extension will have open-use retail units, food and beverage units, a creche and a gym. Gateway Shopping Park will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland largest shopping destinations.

Gateway Shopping Park already has an impressive line-up of retailers, including Dunnes Stores, B&Q, Boots, New Look, Next and McSharry Pharmacy.

More exciting retailers will be announced in the coming weeks.

Article by Sigma Retail Partners

VIEW LETTING BROCHURE

New restaurant, Sasta by the River, coming soon to Manor Mills Shopping Centre

/in , , ,

Another exciting addition soon to Manor Mills Shopping Centre in Maynooth, Sasta by the River restaurant, offering healthy food & drinks, including a great selection of vegetarian, vegan and gluten-free options, homemade cakes and pastries.

This new eatery is exactly what Maynooth has been looking for. It is great news to have new local businesses emerging in what has been very difficult times for the retail sector. Keep an eye on Sasta by the River social media pages where they will be documenting their fit-out towards their opening.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE

Boots open in Gateway Shopping Park in Galway

/in , , ,

Boots is set to be the first store to open in the new Phase 2 development at Gateway Shopping Park, Knocknacarra, Galway on Wednesday 1st July. Boots will come as an excellent addition to the existing park, currently anchored by Dunnes Stores and B&Q.

Boots will occupy a large store of over 7,500 sq.ft and will come as wonderful news to customers of Gateway Shopping Park and the loyal shoppers in Knocknacarra and the wider catchment.

Boots Ireland is a leading pharmacy-led health and beauty retailer with 89 stores in Ireland and over 2,000 employees. Boots is at the heart of the communities it serves and is a staple health and beauty retailer for many people in Ireland. Customers visiting the new store will have access to a wide range of pharmacy services, including prescription service, blood pressure monitor, vaccinations, healthy heart support and hearing care service.

Commenting on the store opening, Store Manager David Boyce said: “We are delighted to open the doors to our new Boots Ireland store in Knocknacarra. The new store will provide local residents with access to our wide range of pharmacy, health and beauty products and services. Our new store has created 16 new jobs in the locality and both myself and the team are looking forward to welcoming customers over the coming days.”

Paddy O’Connor of Sigma Retail Partners, the asset managers for Gateway Shopping Park, said “we are absolutely delighted with the opening of Boots in our shopping park and feel they are a great addition to the existing line-up of retailers. Boots and the new Phase 2 tenants will solidify Gateway Shopping Park as a leading retail destination in the Knocknacarra and wider Galway catchment”.

The new Phase 2 extension is the first provision of new retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied.

The Phase 2 extension will have open-use retail units, food and beverage units, a creche and a gym. Harvey Norman is also scheduled to open a new flagship 60,000 sq.ft store in July. Gateway Shopping Park will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland largest shopping destinations.

Gateway Shopping Park already has an impressive line-up of retailers, including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy.

More exciting retailers will be announced in the coming weeks.

Article by Sigma Retail Partners 

VIEW LETTING BROCHURE 

Neil Bannon – Retail on the High Street

/in , ,

There has been a lot of talk about the future of the bricks & mortar of Irish retail and flagging local retail performances – most of which has been framed through the arrival of online sales.

But is it all as worrying as we’re led to believe?

Neil Bannon, Executive Chairman of Commercial Property Consultancy firm Bannon joined Bobby to discuss how retail is faring in Ireland and ask if all the doom and gloom is actually warranted?

Click here to play via Newstalk website

Specsavers open in Manor Mills Shopping Centre in Maynooth

/in , , ,

Specsavers have now joined the tenant line up in Manor Mills Shopping Centre. The store is equipped with the latest eye and ear testing technology. Maynooth is the only Specsavers store in North Kildare.

Specsavers now have over 1,980 stores worldwide including 79 in Ireland. The chain offers optician services for eyesight testing and sells glasses, sunglasses, contact lenses and hearing aids. Founded in 1983, Doug and Mary Perkins started the business with their first store opening in UK and through the years, Specsavers have partnered with international celebrities such as Kylie Minogue and Will.I.Am in their exclusive eyewear range with Specsavers.

Jenna Culligan, from Sigma Retail Partners, asset managers for Manor Mills Shopping Centre, said “One of our asset management strategies from the outset for the shopping centre has been to bring in a wide variety of retailers to cover all aspects of the needs for our shoppers and residents alike.”

Built in 2005, Manor Mills Shopping Centre is centrally located within Maynooth town itself and is located adjacent to Maynooth University. The shopping centre is home to 30 retailers including Dunnes Stores, Costa Coffee, Carraig Donn, Eason and Hickeys Pharmacy. There are over 500 free car parking spaces in a covered car park. A significant amount has already been invested into the rebranding of Manor Mills Shopping Centre and plans for further investment are set to continue.

Article by Sigma Retail Partners

VIEW LETTING BROCHURE

Harvey Norman to open Knocknacarra store in April with the creation of over 60 jobs

/in , , ,

Harvey Norman is to open its new store in Knocknacarra in April with the creation of over 60 jobs.

The major retail outlet will be located at the Gateway Retail Park, on the Western Distributor Road beside Dunnes Stores and others such as B&Q.

Recruitment is ongoing for cashiers, sales, administration, and technical support staff.

Manager of the new outlet, Michael Sloane says the Galway store will be one of the best in the country.

Published Article

Starbucks opens drive-thru location at The Marshes

/in , , ,

The first drive-thru Starbucks on Ireland’s east coast has opened at Marshes Shopping Centre and coffee lovers should keep an eye out for promotions throughout the week.

The move has been hailed by centre management at Marshes as “another vote of confidence in the north east’s most popular retail destination”.

Starbucks operates over 20,000 outlets globally, but this is only the second drive-thru in the Republic of Ireland.

The first Starbucks drive-thru in Ireland opened in 2018 at Shannon.

The new drive-thru is located at the Dunnes Stores entrance to the centre, beside an An Bóthar Iarainn and the link road to the Avenue Road/Tom Bellew Avenue.

“We are delighted with this wonderful development at Marshes,” said centre manager Seán Farrell.

“Marshes continues to enjoy great success and the opening of the Starbucks drive-thru is another vote of confidence as the centre experiences more growth and renewal.”

This is the second Starbucks outlet in the centre, the coffee chain has had a store in Marshes since 2014.

Published Article

Blanchardstown Centre in line for €16.5m makeover boost

/in , ,

Blanchardstown, one of the country’s largest shopping and leisure facilities, is to get a €16.5m interior design makeover.

Multi Corporation, the pan-European retail platform that manages the centre, hopes to transform the look of the popular north-west Dublin shopping destination.

The upgrade works, which are the first of their kind since Blanchardstown opened in 1996, are already under way, with a target completion in 2021.

They will be carried out in conjunction with the ongoing 5,000 sq.m extensions to include a new Aldi and a flagship JD Sports.

The interior works include new tiling, ceiling and wall finishes to give the centre an entirely new look and feel, according to management.

The works also include upgraded toilet facilities with enhanced provisions for disabled customers and families.

“We are delighted to be making this significant investment of €16.5m in interior upgrades for the centre,” said Pat Nash, managing director of Multi Ireland & UK.

“In keeping with our sustainability programme, all new lighting will be energy efficient. In total, the works will see the replacement and upgrade of 11,000 sq.m of centre interiors. It is going to totally transform the look and feel of the centre.

“The upgrades will significantly enhance the overall customer experience. And to ensure we are not disrupting anyone, construction work will take place outside shopping hours.”

Multi Corporation is a pan-European manager and re-developer of shopping centres and other retail assets in 14 countries.

It is owned by Blackstone, which acquired the Blanchardstown Centre in 2016 from Green Property for €945m, in one of the biggest property deals in the history of the State.

Blanchardstown Centre, which is visited by more than 16.5 million shoppers every year, has 112,000 sq.m of retail complexes, with more than 180 stores, including Debenhams, Marks & Spencer and Penneys, as well as restaurants and leisure facilities and a nine-screen cinema.

Published Article

Shake Dog to launch its first Dublin restaurant in Ilac Centre

/in , ,

IRISH diner Shake Dog is set to open its first Dublin restaurant in the Ilac Centre on Henry Street in March 2020.

The popular American-style diner serves various comfort food dishes including burgers, fries, shakes, salads and chicken tenders.

The diner already has flagship restaurants across Cork, Limerick, Waterford, Tipperary, Galway, Wexford and Drogheda and uses fresh and locally sourced ingredients.

Opening in March 2020, Shake Dog will occupy a 308 sq.m. unit in the Ilac’s Central Square.

The restaurant also caters for vegetarians with various veggie friendly options.

Commenting on the news of the upcoming Dublin restaurant, Brian Dunne, founder of Shake Dog, said: “We are really excited to be opening our first Shake Dog in Dublin in such a central and busy location.

“The team at the Ilac Centre has been a pleasure to work with and we can’t wait for the centre’s customers to discover our menu.”

Billy Reid, General Manager at the Ilac Centre, added: “Shake Dog is an exciting Irish brand which will be a great addition to the new dining offering at the Ilac Centre.

“We look forward to introducing this new national restaurant to customers.”

Published Article

MacDonagh Junction – a magical shopping centre and much, much more

/in , , ,

MacDonagh Junction is the larges shopping centre in the South East. But that is a massive under-statement for the Kilkenny centre is so much more.

It is a cultural hub, an entertainment base, a tourist attraction and a place where people meet to eat and enjoy everything from a quick coffee to a leisurely gourmet experience.

MacDonagh Junction is Kilkenny city’s residential, commercial business and leisure quarter, with an architectural style that perfectly suits its historic surroundings.

It is home to 100 luxury apartments, 40 top quality retail units, and a landmark office building. It has restaurants, space for performances, a community youth centre and leisure facilities including a bowling centre.

MacDonagh Junction is a platform for leading Irish and international retailers. The anchor tenants include Dunnes, H&M, River Island, Next and TK Maxx.

“There has been a good uplift in our retail performance over the last six years with sustained measured footfall growth, resulting in improvements in performance across mos of the brands trading at MacDonagh Junction,” says the centre’s manager, Marion Acreman.

This, she explains, has enabled MacDonagh Junction to attract brands that enhance the tenant mix and offer customers an outstanding range of fashion, food and leisure services.

Shopping at MacDonagh junction is always a pleasure. “We have top class experiential services, including a baby -feeding suite, height-adjustable changing bench and free wifi,” explains Marion. “And we have a wheelchair and buggy loan service from our award winning Age Friendly Accredited business.”

The main event space at MacDonagh Junction is known as Workhouse Square. This is a covered outdoor space with access from the main street and direct access from the shopping mall itself.

It is a courtyard-style space with a number of food options, including the Courtyard Bar & Grill, a fully serviced restaurant operated by the award winning chef, David Rousse.

The built environment at MacDonagh Junction merges beautifully with the historic buildings of both the Famine Workhouse and Goods Shed of the old railway station.

And MacDonagh Junction is home to a unique heritage offering, the free Kilkenny Famine Experience Tour. “We have targeted uses that enable us to offer lifestyle services such as optician, beauty, art classes, youth centre, banking and bowling,” says Marion.

MacDonagh Junction offers a free personal shopper service throughout the centre. It’s great opportunity to get personalised style and fashion advice from Karen Morrissey. And here’s another little bonus – there are electric charging points in the Blue Car Park at MacDonagh Junction.

The run-up to Christmas is an exciting time at MacDonagh Junction where they have been celebrating the launch of the new Star Wars movie with a whole platoon of characters to meet, greet and entertain you.

Nore Valley Park are providing an immersive festive programme in Workhouse Square. You can meet Santa and his mischievous elves and see his reindeer. You may even get the chance to bottle feed a baby reindeer.

It’s all part of the MacDonagh Junction magic.

“The benefits of doing business in Kilkenny are immeasurable and we hear that from locals and visitors on a daily basis,” says Marion Acreman. “We are acutely aware of the changing retail environment and feel the way forward for us is offering the experience people are asking for to include being open when people have time for leisurely visits and enhancing the experience to ensure the customer is valued and heard.”

Published Article

Introducing Barking Mad Pet Boutique to Rathmines!

/in , , ,

Barking Mad, who work with local Irish & renowned international producers to supply premium pet food & accessories are now open in The Swan Centre Rathmines.

Visit Barking Mad Pet Boutique today! Show them this image and get 10% off! T&Cs apply.

Cork city shopping to become sensory-friendly on Sunday mornings

/in , ,

Some of the biggest retail names in Cork City centre have united to provide a sensory-friendly shopping hour.

The stores have all agreed to turn off their in-store music, dim the lights, switch off the till noises, and suspend shelf stacking to provide a quiet, calm and stress-free shopping environment for their first hour of trade every Sunday morning.

Their staff have also received specific customer service training to help meet the needs of those who decide to shop during the quiet hour.

The Cork Business Association (CBA), which is supporting the initiative, said while mainly aimed at those with autism, Down syndrome, Alzheimers, epilepsy, dementia, and people with acquired brain injury, it can also provide a very pleasant shopping experience for many others.

CBA chief executive, Lawrence Owens, described it is a great step towards making the city more family-friendly and inclusive.

“The response from businesses has been really positive and our objective is to grow and expand the provision of sensory-friendly shopping throughout the city,” he said.

“It will be available for the first hour of trade in participating stores on Sunday mornings, and longer where they can. We will monitor it as it rolls out and expand and improve as we go.”

Marks & Spencer, which has pioneered the initiative in its city centre store for about three years, has now been joined by other big retail names including Debenhams, Brown Thomas, Merchants Quay Shopping Centre, Penneys, Vibes & Scribes, Fitzgeralds Menswear, Casey’s Furniture and Diana O’Mahony Jewellers. Participating stores on Opera Lane include H&M, Topshop, Sketchers, and SpecSavers.

M&S general manager, Ray O’Callaghan, said their calm hour has become very important for some of their customers.

The CBA has encouraged other businesses to get involved, and will arrange free training for retail staff.

Read full article

Elverys opens new store in Crescent Shopping Centre

/in , , ,

Ireland’s leading authentic sports retailer, Intersport Elverys opens new store in Crescent Shopping Centre.

Stephen’s Green Shopping Centre bought by Davy for €175m

/in , ,

A fund managed by Davy Real Estate has paid a total of about €175 million for Stephen’s Green Shopping Centre in Dublin.

The completion of the transaction in recent days gives the Davy investors full control of the shopping centre, following a period of nearly 13 years in which it had been owned jointly by several shareholders.

Davy Real Estate’s acquisition of the property involved the purchases of three separate shareholdings held by Madison International Realty (35.4%), businessman Pierce Molony (27%) and Irish Life (37.6%).

While the combined 62.4% stake of Madison International and Mr Molony was offered for sale quietly in a targeted process by HWBC in June, it is understood Irish Life had, until recently, intended to retain its interest in the centre.

Unsolicited approach

That position is said to have changed, however, after an unsolicited approach from Davy in early November. Having agreed a deal for the purchase of the majority of the St Stephen’s Green retail scheme, Davy informed Irish Life of its interest in taking full control of the property. Following a period of discussions between the parties, Irish Life agreed to sell its stake.

While Irish Life’s decision to dispose of its shareholding brings to an end its longstanding association with Stephen’s Green shopping centre, it continues to hold significant retail interests within its immediate vicinity, with 23 shops under its ownership in the Grafton Street area.

Stephen’s Green Shopping Centre was developed in 1988 by British Land. It has more than 90 shops over three levels with an overall floor area of 29,728 sq.m (320,000 sq.ft), and is currently producing rental income of about €8 million.

Published Article

Quigleys Cafe opens in The Square

/in , , ,

Bannon are delighted to welcome Quigleys Cafe, Bakery & Deli to The Square Tallaght.

The new cafe is now open for business just off the centre mall on Level 2.

Angel Nails are now open at Manor Mills Shopping Centre

/in , , ,

Angel Nails are now open at Manor Mills Shopping Centre, located at Kiosk 4 (bottom of travelator)

Urban Eyes are opening in Pavilions shopping centre

/in , , ,

Urban Eyes are opening in Pavilions shopping centre, Swords!

New Local Independent Sunglasses Store looking to bring the classic and new brands to Ireland.

Hollister to open store at Blanchardstown Centre

/in , , , ,

Hollister is set to become the latest retailer to join the line-up at the Blanchardstown Centre.

The American clothing brand has agreed a 10-year lease for a 582 sq.m (6,265 sq.ft) unit at the hugely-successful Dublin scheme.

Hollister will join JD Sports who signed up last year for a 1,100 sq.m (11,800 sq.ft) store within a 55,000 sq.ft extension that is under construction. Distributed across two levels adjoining Blanchardstown’s central mall, the development will comprise eight new retail units upon completion next year.

Commenting on Hollister’s decision to locate at Blanchardstown, Pat Nash, managing director of Multi Ireland & UK, said: “This signing underlines the growth of our offering and our ability to provide the broadest retailing choice in both our retail parks and our covered malls.”

Separately, Fingal County Council has granted planning permission for the development of an additional 3,200 sq.m (35,000 sq.ft) extension at Blanchardstown’s Blue Mall entrance.

Existing eateries

This space is being earmarked for the provision of a number of new restaurants ranging in size from 142 sq.m to 861 sq.m (1,528 sq.ft to 9,267 sq.ft). The extension will be located within close proximity to the Odeon cineplex and several of Blanchardstown’s existing eateries including Nando’s Milano and Eddie Rockets.

Developed originally by Stephen Vernon’s Green Property in 1996, the Blanchardstown Centre is acknowledged as one of Ireland’s foremost and most successful retail and leisure operations with more than 16.5 million visitors annually. The scheme includes more than 180 stores and is anchored by Dunnes Stores, Marks & Spencer, Penneys and Debenhams.

Bannon are delighted to be part of the Blue Mall extension with strong interest from both National & International F&B operators.

Published Article

Carraig Donn opens in The Square Tallaght

/in , , ,

Carraig Donn are delighted to open their brand new store in The Square Tallaght today from 11am, where they are offering 20% off full price stock, goodie bags for the first 50 customers plus more exclusive opening offers!

 

 

 

 

 

 

Diffney opens pop up shop in The Square Tallaght

/in , , ,

Dublin’s largest menswear fashion Diffney is now open on Level 1 in The Square Tallaght.

 

IPUT granted permission for €75m centre in Carrickmines

/in , , , ,

Planning permission has been granted for a large new retail and residential development in south Dublin, despite strong opposition from the owners of the Dundrum Town Centre.

An Bord Pleanála has rejected an appeal by several parties including the Dundrum Retail Limited Partnership against the decision of Dún Laoghaire-Rathdown County Council to approve a €75 million project that will form part of the existing retail park and office development at The Park in Carrickmines.

The developer IPUT has plans for a neighbourhood shopping centre including two supermarkets, retail warehouses, restaurant, café, seven-screen cinema, crèche, offices, car showroom, medical centre and indoor skydiving facility as well as 130 apartments on a 10.5 hectare site close to the M50.

The overall development will extend to almost 84,000 sq m in four blocks extending in height from two to six storeys.

Commenting on the ruling, IPUT said it was “a major step forward in realising our ambition to reinforce Carrickmines Park as the leading out-of-town retail destination in Dublin”.

The development was also opposed by the owners of the cinema multiplex in the Dundrum Town Centre as well as Olivia Buckley, a Fianna Fáil candidate for the Dundrum area in the recent local elections.

DRLP, which is a joint venture between UK property group Hammerson and German insurer Allianz, said it was not opposed to the new development in Carrickmines in principle.

However, it claimed the proposed level of retail floor space was excessive for a neighbourhood centre particularly given there was no significant immediate residential catchment population to justify its scale.

DRLP said the proposed cinema and leisure uses would undermine the viability of existing town and district centres in south Dublin and represented a material contravention of the council’s development plan as well as running contrary to a range of regional and national planning policies.

Ms Buckley opposed the development claiming there was no requirement for another large retail centre or massive cinema complex in south Dublin and expressed concern it would impact on other nearby centres including Dundrum, Stillorgan and Dún Laoghaire.

Oversubscribed

She claimed retail warehousing was already oversubscribed in the capital, while the extension of The Park would also create serious traffic congestion on the M50.

Ms Buckley said it was disingenuous to call what was proposed a neighbourhood centre and branded such a description as “seriously misleading and inaccurate”.

Movies@Dundrum claimed the proposed multi-screen cinema would impact on its business when it relied on the planning system to protect its investment.

However, IPUT said there was a clear and long-standing need for a neighbourhood centre in Carrickmines as it was located in a significant growth area.

Dún Laoghaire-Rathdown County Council also said the development was an appropriate location for the centre as it would cater for new and emerging communities.

In its ruling, An Bord Pleanála said the centre would make a positive contribution to the urban character of the area.

The board said concerns relating to noise, vibration, dust and traffic could be satisfactorily mitigated by various measures and claimed the proposed development would have significant, direct, positive effects for the local population.

“Provision of neighbourhood centre facilities will reduce trips from the area to other locations,” it admitted.

IPUT successfully appealed a number of planning conditions imposed by the local authority that sought to deliver the project on a phased basis, which the developer claimed were overly prescriptive.

However, IPUT failed to overturn the condition which required it to construct a link road to Ballyogan Road before any other construction work began. IPUT claimed it was “unreasonable and unnecessary” and could impact on funding and the viability of the project.

It secured some minor concessions in its challenge to the scale of development contributions imposed by the local authority, which totalled almost €13 million.

Published Article

Society of Chartered Surveyors - SCSI Ireland

Address

Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
»Map

Contact Us

Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie

Compare Listings

Title Price Status Type Area Purpose Bedrooms Bathrooms