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, a plus-size retailer, is now open in the Ilac Shopping Centre.
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.
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.
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.
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.
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?
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.
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.
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.
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.
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.”
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.”
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.
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.
Ireland’s leading authentic sports retailer, Intersport Elverys opens new store in Crescent Shopping Centre.
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.
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, located at Kiosk 4 (bottom of travelator)
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 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.
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!
Dublin’s largest menswear fashion Diffney is now open on Level 1 in The Square Tallaght.
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.
Hammerson and Irish Life, joint owners of the Swords Pavilions Shopping Centre, have announced that luxury bath, body and home brand, Rituals Cosmetics will be opening its fourth stand-alone store in Ireland at Swords Pavilions, in the heart of North Dublin. Located close to the newly opened Superdry and JD Sports stores the 800 sq ft boutique will open on Wednesday 4th September 2019, enhancing the centre’s premium offer.
Founded in 2000 by Raymond Cloosterman, Rituals Cosmetics is the first brand in the world to combine home and body cosmetics, with an expansive product line including body care, scented candles, fragrance sticks, assorted teas, natural skin care and soulwear.
This latest announcement follows the opening of Swords Pavilions’ new dining quarter earlier this year with American burger chain Five Guys and well-loved pizza brand, Milano having already opened restaurants in the scheme. In July modern Persian kitchen Zaytoon also launched its new format restaurant at the centre.
This will be Rituals’ second stand-alone store opening in Ireland with Hammerson, having signed for a boutique in Dundrum Town Centre which launched in September 2018. The brand also has an outlet store in designer shopping destination, Kildare Village, owned by Hammerson through their partnership with Value Retail.
Simon Betty, Hammerson Director of Retail Ireland, said: “Rituals is a great addition to the brand offer at Swords Pavilions, demonstrating the continued demand from premium brands for high quality retail space in strong consumer catchments such as Swords Pavilions. Lettings such as this are a prime example of our strategy to ensure the centre remains the main retail and leisure destination in North Dublin.”
Rituals UK & Ireland Managing Director, Penny Grivea, said: “We are so excited to be opening another stand-alone store in Dublin at Swords Pavilions, allowing us to introduce the Rituals experience to as many customers as possible. Whether it is enjoying a hand massage at the water island or simply a cup of herbal tea upon arrival, the team can’t wait to help the Pavilions customers slow down and transform daily routines into meaningful rituals. This opening marks an exciting time for the brand, building upon our existing retail presence in Ireland.”
DANISH HOME RETAIL brand JYSK is planning to open 40 Irish stores within the next five years, effectively more than doubling its previous expansion plan for the country.
The 40-year-old Scandi retailer opened its first Irish store in Naas, Co Kildare in April and has since opened in three more locations. Earlier this year, JYSK – which is pronounced “yusk” – said it was planning 15 stores across the Republic.
The company has since revised these plans and said it now aims to open in 40 locations here over the next three to five years, which it says will help its Irish operation generate annual sales of up to €70 million.
To help source potential locations, JYSK – which sells a range of home furnishings and mattresses – is planning to meet with potential landlords at a showcase in Dublin in mid-September after encountering difficulties with its growth plan here.
Poul Erik Larsen, JYSK’s expansion director, said it has been more time-consuming and expensive to open new stores in Ireland compared to other European locations.
“We have noted that in other parts of Europe, we can issue and sign a lease contract within two to four weeks, whereas in Ireland, this is taking up to 16 weeks in some cases,” Larsen said.
“To achieve the volume of stores we want in the Irish market within two to three years, we need to secure a steady flow of new locations and that is something we’re actively pursuing right now.”
Hammerson and Irish Life, joint owners of the Ilac Centre, have announced that Dunnes Stores has opened its new, premium food hall in Dublin city’s Ilac Centre, bringing some of Ireland’s leading artisan food brands to the city centre.
The new 2,400 sq.m (25,800 sq.ft) food hall, located on the ground floor of the Ilac Central Mall near H&M and River Island, will offer Baxter & Greene’s freshly cooked stone-baked pizza and hot roast sandwiches, artisan cheeses from Sheridan’s Cheesemongers, health foods from Nourish, a premium Fishmonger and an array of other high-quality food options. In addition, Café Sol will deliver great tasting coffee and a selection of pastries to have in store or take-away. For customers wanting to add to their garden, Diarmuid Gavin’s Outdoor Spaces has a wide selection of house plants, trees, pots and gardening tools.
The hall will be open seven days a week, 8.30am to 8pm Monday, Tuesday, Wednesday, Friday, Saturday and until 9pm on Thursday. On Sunday it will be open from 10am until 7pm.
Simon Betty, Hammerson Director of Retail Ireland, said: “This is the latest step in our ongoing plans to enhance the dining and leisure experience at the Ilac Centre, as we continue to deliver new and exciting brand openings for our customers to enjoy. We’ve seen the success of Dunnes’ food halls all around the country, so we are pleased to showcase their best-in-class produce which will be the perfect fit for this popular destination.”
The new Dunnes Stores food hall follows the recent announcement of a major renovation of the Ilac Central Square which will deliver three new restaurants, a café, a new 3,000 sq.ft retail unit and other significant enhancements. The project will also reconfigure the unit at the Coles Lane entrance to facilitate late-night trading as well as new planting and paintwork around the lane.
(before and after)
We are very excited to announce that we have just completed stage 1 works to our existing car park as part of the Phase 2 development at Gateway Retail Park.
Scandinavian furniture and homeware chain JYSK opened their second Irish store this morning at Drogheda Retail Park as people queued up to get into the new JYSK store which was officially opened at 9.00 am.
Founded in Denmark in 1979, JYSK , (it’s pronounced “Yusk”), is a global retail chain with more than 2,700 stores worldwide selling everything for the home, it has a turnover of €3.6 billion a year and employs some 23,000 people.
The Drogheda JYSK store is the group’s second in Ireland, it opened its first branch in Naas in April and stores are also scheduled to open in Navan later this month and Portlaoise in August.
Intersport Elverys who proudly invested in Tipperary GAA, are delighted to announce they have officially opened their new store in Thurles Shopping Centre with the widest range of GAA, running and training gear for kids and adults.
Intersport Elverys, in partnership with Tipperary GAA invited fans young and old to meet the Inter County players and browse the new store. There was exclusive interviews, fun activities and exclusive discounts on the day.
They were joined by Tipperary players Seamie Callanan, Noel McGrath and Ronan Maher on the day who took pictures and signed autographs with fans.
Boots has become the latest major retailer to sign up at the landmark Gateway Retail Park in Galway.
The pharmacy-led health and beauty retailer has agreed to take a new 700 sq.m (7,500 sq.ft) premises at the scheme.
Boots are understood to be paying a rent in excess of €35 per sq.ft per annum for its new store which is under construction as part of the second phase of the retail park. Boots will be located immediately adjacent to the new branch of Harvey Norman.
Due for delivery in the first quarter of 2020, the second phase at Gateway will comprise an additional 11,148 sq.m (120,000 sq.ft) of retail space offering eight new retailers, three new food and beverage operators and a gym. Current tenants at the Gateway park include Dunnes Stores, Next, New Look, McSharry Pharmacy and B&Q.
Gateway’s asset manager, Paddy O’Connor of Sigma Retail Partners, believes Boots’ decision to locate at the scheme further underpins it as the destination of choice for retailers in Galway.
Darren Peavoy of Bannon who handled the letting on behalf of the landlord said the remaining units at the scheme are all under offer.
Costa Coffee will open a brand new store in Waterford Retail Park on the Outer Ring Road this summer. The new coffee pod will take up a floor area of approximately 2,600 sq. ft and will result in a bright and spacious high-spec coffee offering with outdoor seating. It joins other big-name retailers in the retail park including anchor tenant Harvey Norman, Homestore & More, Curry PC World, Halfords, Home Focus, EZ Living Interiors and Maxi Zoo.
Costa Coffee is a multinational coffee house company and is the second largest coffee house in the world. Costa Coffee is present in 31 countries across the globe and it opened its first store in Ireland in 2005. Its number of stores have been growing ever since and it has multiple stores all over Ireland.
The asset manager for Waterford Retail Park, Jenna Culligan from Sigma Retail Partners, said “We are delighted that Costa Coffee is joining our very strong tenant line-up in Waterford Retail Park. As part of our strategy for this park we identified that food and beverage was missing for the park and we sought to provide this for the retail park. As everyone knows Costa Coffee are one of the biggest coffee chains in the UK and Ireland and we are absolutely delighted to have them on board.”
Waterford Retail Park is easily accessed from Waterford City and is less than a 10 minutes’ drive away. The retail park is located along one of the main access routes to Waterford City from the M8 and N25 (Cork Road) and benefits from free customer parking. Waterford Retail Park is also located close to Waterford Greenway and the new Costa Coffee store will be a great pit-stop for visitors heading to and from the Greenway.
Bannon are the letting agents for Waterford Retail Park.
Bannon are delighted to have secured Petstop for the former Maplin unit in Limerick One Shopping Park.
At a rent of €24 per sq.ft for the 7,500 sq.ft unit, this letting further illustrates Limerick One’s regional importance as a premier retail trading destination.
A majority stake in Navan town Centre, which was on the market in 2016 for €62 million, has just been bought for about €43 million.
However, the off-market sale, which was handled by Rod Nowlan of Bannon and has just received clearance from competition authorities, did not include a residential element valued at less than €5 million that formed part of the 2016 offering.
The stake was sold to a fund controlled by Davy at an attractive yield of about 9-9.5%. This is undoubtedly a strong return for an asset of this scale in the Irish market at this time. However, the fall in value of the stake since 2016 is reflective of a softening market for provincial retail assets at a time when traditional retailing faces a significant challenge from eCommerce.
‘Stampede’
Declan Stone pointed to some notable retail transactions recently – principally Kilkenny, Carlow and Globe retail parks (all acquired by Friends First) – but suggested that retail as a sub-sector of the overall Irish investment market had its heyday in 2016 when retail transactions accounted for some 50% of a €4.4 billion market.
“In 2017 it fell to 28% of a €2.28 billion market and up to the third quarter of 2018 only accounted for about 11% of the total €2.53 billion spend,” says Stone.
“For me, the charge into retail in 2016 was somewhat surprising and seemed far more driven by the weight of capital than by underlying occupier demand. Put simply, retail yields tumbled – driving up capital values – but in the background there was little tenant demand to underpin this, and in fact in the intervening 24 months the occupational market has worsened.”
The 65% majority stake in Navan Town Centre came on the market in September 2016 through Savills and Cushman & Wakefield. CarVal Investors had bought loans underpinning the centre during the crash.
A number of deals were reportedly agreed for the stake at a price of about €54 million, but the major international investor concerned did not proceed with a transaction.
Driving force
The 65% shareholding was generating a rent roll of about €4.7 million as recently as 2017.
The balance of the shares in the centre are held by Irish Life.
Danish global home retail brand, JYSK, will open 15 stores across Ireland in the next two years, creating more than 200 jobs.
Founded in Denmark in 1979 by Lars Larsen, over the past four decades JYSK has expanded to 51 countries with more than 2,700 stores worldwide employing 23,000 people.
The first Irish store will open in Naas, Kildare in April, with two further stores opening in Drogheda, Louth and Navan, Meath in May, and a fourth store opening in Portlaoise, Laois opening during the summer.
Roni Tuominen, head of retail, said Ireland is a very important market for JYSK, given the prominent position the retail industry holds in the country for employment and the economy. “As a company, we focus on entering a new market each year, and we are excited that 2019 is the year we bring our brand to Ireland. We will open here with our latest concept stores and deliver exceptional quality products at great prices to Irish consumers,” he said.
JYSK offers a range of products for the home, from the bedroom to the garden. The brand has also enjoyed a world-wide reputation for expertise and knowledge in sleeping culture, which continues to this day, offering everything from mattresses to frames and bases.
Costa Coffee is the latest tenant to join the line-up at Malahide Road Retail Centre in north Dublin. Costa is trading out of a 2,000 sq.ft coffee pod that also has the use of outdoor seating. The letting comes just as the landlord, Irish Life, has resurfaced the car park and upgraded signage, lighting and landscaping.
The centre benefits from its location on the Malahide Road dual carriageway, attracting more than 25,000 customers most weeks. It is anchored by Woodies and Lidl, and other tenants include Halfords, Equipet, Right Price and Tiles.
Joint letting agents Bannon and Lisney are currently marketing two available units ranging in size from 4,950 to 9,895 sq.ft.
Canadian restaurant chain Pita Pit and Japanese eatery Musashi are to join Krispy Kreme in trading out of a newly redeveloped block at Ireland’s largest retail and leisure destination, the Blanchardstown Centre in north Dublin.
Both of the new units will extend to around 170 sq.m (1,829 sq.ft) and will include outdoor seating and dining areas, according to management company Multi Ireland. The expansion of the dining facilities comes after the recent opening of the first Krispy Kreme store in Ireland, which has attracted continuous queues for its own brand of doughnuts.
Pita Pit’s new outlet will be its first in Ireland. Founded in 1995 as a healthy alternative to fast food, the company has more than 500 outlets worldwide, mainly in the US and Canada.
The final unit in the block will be occupied by sushi and noodle bar Musashi, which already has five existing restaurants in Dublin. The new Blanchardstown outlet is the first in a shopping centre environment. Already open at the same block is Esquires, the international coffee house chain.
Multi Ireland has spent the past 12 months redeveloping the block, which had been vacant for several years. Putting this space back into productive use is expected to broaden the appeal of the Blanchardstown offering and add around €800,000 to the rent roll.
Simon Cooper, head of leasing, said Multi Ireland was particularly pleased that Krispy Kreme had selected Blanchardstown for their “debut Irish outlet”.
Businessman Eamon Watters, owner of Panda Waste, one of Ireland’s largest waste collection and recycling companies, has acquired a substantial stake in Charlestown Shopping Centre at junction five of the M50 in north Dublin. The acquisition was made through an investment vehicle called Garristown Venture Holdings.
The large-scale shopping centre and an adjoining site with planning permission for 247 apartments and further retail space have been sold for slightly over €42 million, well ahead of the €35.5 million quoted by selling agents.
David Carroll and Rod Nowlan of Bannon’s Capital Markets team handled the sale on behalf of the vendors.
Garristown Venture Holdings is owned and controlled by Ronan Barrett, a Dublin-based businessman who is originally from Co Tyrone. Mr Barrett confirmed that it is funding the acquisition through a combination of equity capital from Citadel’s institutional and private clients and senior and mezzanine debt funding from AIB and Cardinal Capital. Mr Watters is thought to be the primary client in the Citadel entity.
Charlestown is a well-established district shopping centre developed by brothers Michael and Tom Bailey and now under the control of the National Asset Management Agency.
Michael Bailey is a near neighbour of Mr Watters close to the village of Beauparc in Co Meath.
Panda is the largest exporter of recycled materials in Ireland and employs more than 650 people.
Garristown has confirmed that it is at an advanced stage of discussions with a number of prospective tenants for Charlestown, which will see the delivery of new letting and services including a TGI restaurant, a creche and a gym – which will bring the centre to 100% occupancy.
Planning permission
The centre has the benefit of a current grant of planning permission for 247 apartments on adjoining lands.
The new owners are in advanced discussions with John Paul Construction about the commencement of residential development on the site in the fourth quarter of this year.
Garristown says the adjoining land has the capacity to accommodation more than 400 apartments based on the revised density and height guidelines.
The shopping centre and leisure facilities – a rented nine-screen Omniplex cinema and Leisureplex facility – are producing a combined operational income of €2,835,738 – with the shopping centre accounting for €1,935,000 and the cinemas and Leisureplex block yielding €900,000.
More than 75% of the rental income comes from 10 tenants in a scheme which has an occupancy rate of 91%. Charlestown is anchored by Dunnes Stores, which owns its supermarket extending to 6,500 sq.m (70,000 sq.ft).
The other main tenants are Heatons, which pays a rent of €450,000 followed by Boots (€400,000), Leisureplex (€225,000), Carphone Warehouse (€105,000) and Lifestyle (€70,000).
A good proportion of the weekly average footfall of 54,000 is generated by the free access to a 1,350-space underground car park.
Currys PC World is coming to Waterford Retail Park. The 13,000 sq.ft. fit-out has commenced and it is due to open the end of August.
Waterford Retail Park is a premier retail park with a high profile location along one of the main access routes to Waterford City from the M8 and N25 (Cork Road). Anchored by Harvey Norman. The other retailers are Homestore & More, Halfords, Home Focus, EZ Living Interiors and Maxi Zoo. Waterford Retail Park celebrates its 10th year anniversary this year.
James Quinlan of Bannon, who is the letting agent for Waterford Retail Park, said “We are delighted that Currys PC World have decided to join the strong tenant line-up in the retail park. Costa have also agreed a deal in the park which will give customers the food and beverage offer that will improve the overall shopping experience at the park”
For further letting opportunities contact Bannon today on 01 647 7900
Manor Mills Shopping Centre has just opened a brand new Costa Coffee store and its arrival has generated a lot of excitement in the centre. Costa Coffee has invested heavily in its 1,600 sq. ft new store fit-out which has resulted in a bright, high spec coffee offering.
Costa Coffee is a multinational coffee house company and is the second largest coffee house in the world. Costa Coffee is present in 31 countries across the globe and it opened its first store in Ireland in 2005. Its number of stores have been growing ever since and it has multiple stores all over Ireland.
Sigma Retail Partners are the asset managers for Manor Mills Shopping Centre. Jenna Culligan from Sigma, said “We acquired Manor Mills just over a year ago and one of our asset management strategies from the outset was to bring in additional reputable brands and enhance the food and beverage offer to raise the profile and increase footfall and dwell time into the centre. We just had The Natural Bakery open last week and now we have Costa Coffee, and the feedback we have received from both customers and retailers alike have been very encouraging. We wish Costa Coffee all the best and we are delighted to welcome them into Manor Mills Shopping Centre.”
A significant amount has already been invested into the rebranding of Manor Mills Shopping Centre and plans for further investment are set to continue. The centre has recently installed free Wi-Fi throughout the mall adding further to its appeal to shoppers.
Manor Mills Shopping Centre is centrally located within Maynooth town itself and is located adjacent to Maynooth University. The shopping centre itself is home to 30 retailers including Dunnes Stores, Carraig Donn, Eason and Hickeys Pharmacy. There are over 500 free car parking spaces in a covered car park.
Manor Mills Shopping Centre in Maynooth has just opened a new store ‘The Natural Bakery’, an Irish company that offers a wide variety of breads, cakes, sandwiches, donuts and pastries, made fresh daily from scratch. They opened their first bakery in Kilmainham in 2013 when their owner Luke Ceighan realised there is a demand for more authentic, artisan baked goods. The concept was soon a success and by 2014, The Natural Bakery opened shops in Donnybrook, Rathmines, Ranelagh and Stillorgan. In 2015, Dun Laoghaire, Clarehall, Baggot Street, IFSC and Naas followed. They now have 13 stores in Ireland.
Jenna Culligan from Sigma Retail Partners, asset managers for Manor Mills Shopping Centre, said “We acquired Manor Mills just over a year ago and one of our asset management strategies from the outset was to bring in reputable brands and enhance the food and beverage offering to raise the profile and increase traffic, footfall and dwell time into the shopping centre. We identified the need for a popular bakery that offers a wide range of tasty pastries, cakes and treats for our shoppers. We wish The Natural Bakery all the best and we are delighted to have them added to our centre.”
A significant amount has already been invested in the rebranding of Manor Mills Shopping Centre and plans for further investment are set to continue. The centre has recently installed free Wi-Fi throughout the mall adding further to its appeal to shoppers.
Manor Mills Shopping Centre is centrally located within Maynooth town itself and is located adjacent to Maynooth University. The shopping centre itself is home to 30 retailers including Dunnes Stores, Carraig Donn, Eason and Hickeys Pharmacy. There are over 500 free car parking spaces in a covered car park.
For letting opportunities contact Bannon today on 01 647 7900.
One of the last large scale shopping centres to be offered for sale on the instructions of Nama – Charlestown Shopping Centre at Junction 5 of the M50 in north Dublin – is expected to be of interest mainly to US private equity funds and a mixture of Irish and overseas companies planning to strengthen their position in the private rental sector.
Agents Bannon and Savills are quoting €35.5 million for the complex, which has been made a great deal more appealing by the inclusion of an adjoining site with planning permission for 247 apartments and 7,000 sq.m (75,346 sq.ft) of shopping and other commercial space on the ground floor.
The agents said the planned addition of some 400 residential units in the immediate area – coming after the sale of 235 high-rise apartments to IRES and other buyers in recent years – would “add significantly to the sustainability and ultimate growth of the centre”.
Even as things stand, the shopping centre as well as the rented nine-screen Odeon cinema and Leisureplex facility are showing a return of 8% on the net operating income for the owners. The joint agents have been instructed to sell the entire investment in a single lot or, alternatively, in two parts: the shopping centre and leisure/cinema block as one lot and the mixed-use development site separately.
The shopping centre and leisure facilities produce a combined operational income of €2,835,738, with the shopping centre accounting for €1.935 million and the cinemas and Leisureplex block yielding €900,000.
The selling agents will be informing interested parties that more than 75% of the rental income comes from 10 tenants in a scheme that has an occupancy rate of 91%.
Charlestown is anchored by Dunnes Stores, which owns its supermarket extending to 6,500 sq.m (70,000 sq.ft).
The other main tenants are Heatons, which pays a rent of €450,000, followed by Boots (€400,000), Leisureplex (€225,000), Carphone Warehouse (€105,000) and Lifestyle (€70,040).
Apart from Dunnes, the centre has a lettable area of 8,638 sq.m (92,980 sq.ft) across 26 mall units, kiosks and external units. Much of the weekly average footfall of 54,000 is generated by free access to a 1,350-space underground car park.
In 2013, the Charlestown management developed fast food outlets for McDonald’s and KFC at the at the front of the shopping centre. These were sold to Hong Kong investors for €4.3 million – providing returns of 6.5%.
Rod Nowlan of Bannon and Domhnaill O’Sullivan of Savills, who are handling the sale, said they expect strong interest in the investment given the quality of the built scheme and the obvious potential derived from the lease-up opportunities and from the direct and indirect residential growth potential.
The US private equity giant Oaktree has made arrangements to complete the purchase of a controlling interest in The Square shopping centre in Tallaght, Co Dublin, tomorrow. The €250 million sale by Indego and Nama was one of the largest retail transactions in Ireland in 2017.
The 27-year-old shopping centre – Ireland’s largest when it first opened – registered some 22 million visitors in 2017 and currently produces an annual rental income of almost €14 million.
Marcus Wren of Sigma Retail Partners, advisers to Oaktree’s European Principal Group, yesterday commented that The Square had remained in “fractured ownership” since opening in 1990 and as a consequence it had not been possible until relatively recently to meaningfully adjust or manage the centre to reflect the needs of today’s shopper.
He said that Indego, with support from Nama, astutely established a strong platform to manage the asset by acquiring and amalgamating various borrowers interests in the scheme over the past number of years so as to be in a position to sell more than 90 per cent of the unit shops (118) and 100 per cent of the redevelopment potential.
Bernard Hamill, outgoing chief executive of the Indego Group, said that having laid down and implemented their strategic plan, together with the considerable support and assistance of Nama, to bring The Square to a market in a ready state he wished the new owners every success.
Rod Nowlan of Bannon Investment, who acted for Oaktree, commented that with rental levels less than half those prevailing at The Pavilions shopping centre in Swords, the Tallaght investment “represents a virtual sleeping giant”.
“The Square has immense potential for private residential schemes on its 19 acres of surface parking and a virtually untapped food and beverage opportunity on the sunny and picturesque southern side of the scheme,” he added.
The volume of retail sales increased by 2.6% in the month of November, with an annual increase of 6.8%. If Motor Trades are excluded, there was an increase of 1.9% in the volume of retail sales in November 2017 when compared with October 2017 and there was an increase of 7.6% in the annual figure.
The sectors with the largest monthly volume increases were Electrical Goods (14.5%), Department Stores (6.7%) and Other Retail Sales (5.7%). The sectors with the largest month on month volume decreases were Pharmaceuticals Medical & Cosmetic Articles (-11.2%), Bars (-1.5%) and Books, Newspapers and Stationery (-1.2%).
There was an increase of 2.6% in the value of retail sales in November 2017 when compared with October 2017 and there was an annual increase of 4.4% when compared with November 2016. If Motor Trades are excluded there was an increase of 1.2% on the month and an increase of 4.5% in the annual figure.
CSO reports
Planning permission for a €40m redevelopment and extension of the Red Mall at Blanchardstown Shopping Centre has been granted by the local authority.
It paves the way for the creation of up to 300 more jobs at the Dublin location, which is the country’s second-largest shopping centre.
Blanchardstown Shopping Centre – which is owned by US private-equity giant Blackstone – intends to add an additional 100,000 sq.ft of retail space.
It will see the construction of a single, 40,000 sq.ft unit, as well as 18 standard units.
Multi Corporation, Blackstone’s pan-European retail platform, manages the Blanchardstown Shopping Centre on behalf of the $9bn (€7.7bn) Blackstone fund that acquired the mall for €950m from Green Property last year.
When it acquired the property, Multi Corporation said there was scope for adding a total of about 150,000 sq.m (1.6 million sq.ft) of retail, residential, office and leisure space to the Blanchardstown site.
The shopping complex has about 12 million sq.ft (112,000 sq.m) of retail space. There are about 180 outlets at the centre and some tenants will be relocated in order to facilitate the new development.
When it first announced the planned extension to the shopping facility in September, Multi Corporation said the building work involved would support 250 construction jobs. The centre currently supports 5,500 jobs.
Dominic Deeny, the managing director of Multi Ireland, said in September that the new extension would be the second in a number of planned investments at Blanchardstown.
The Irish Independent recently revealed that US doughnut chain Krispy Kreme has selected Blanchardstown Shopping Centre as the location for its first-ever outlet in Ireland. The chain, now owned by Germany’s billionaire Reimann family, had been scouting for more than a year for a location in Ireland.
McDonald’s has also just secured planning permission to extend its drive-thru restaurant at Blanchardstown. It will add 462 sq.ft to boost the size of the outlet to 3,500 sq.ft.
Contact our Retail Letting Agents today for opportunities
Two neighbourhood centres at Rathbourne in Ashtown, Dublin 15, and another one at Stepaside in Dublin 18, are expected to attract a considerable interest when they are offered for sale in two separate lots through the Bannon agency.
David Carroll of Bannon is seeking €5.85 million for two shopping facilities at Rathbourne and €1.9 million for the Stepaside centre.
Castlethorn Development developed all three centres as part of large housing estates and is building a further homes in both locations.
The Village and River Centre are two separate retail schemes within the extensive Rathbourne housing development beside Ashtown train station and Phoenix Park. The Village is anchored by an owner-occupied SuperValu and includes 14 other retail and leisure units extending 1,905 sq.m (20,503 sq.ft). They are yielding a rental income of €373,000. Occupiers include Lloyds Pharmacy, Douglas and Kaldi, Bombay Pantry, Canal Bar and Geisha Asian Restaurant.
The River Centre, located about 400m from the Village, is considerably smaller with a Spar outlet and a Giraffe Childcare facility. A GP due to rent another unit in the coming weeks will bring the net operating income to €188,000.
The €5.85 million being sought for the two centres will show a return of 9.2%.
The third asset at Stepaside, known as Belarmine Plaza, is anchored by Fresh Supermarket and has a range of commercial units over three levels and an overall floor area of 3,398sq m (36,574sq ft). Bannon says the existing net income of €173,000 can be “significantly enhanced” when tenants are found for about 40% of the available space.
The €1.9 million being sought for the centre will show a net income yield of 8.71% after standard acquisition costs are deducted.
David Carroll and Alex Patterson said they are expecting good interest in the three centres given the opportunities to grow the income.
“Growth in sales during Q2 2017 outstrips growth in footfall”
Our last quarterly update (Q1 2017) showed a mix of footfall growth and sales contraction for the Bannon Shopping Centre Portfolio. The numbers for Q2 2017 were much more positive with growth in footfall and sales of +0.37% and +2.44% respectively.
Q2 2017 benefited from having the full boost of the Easter period, however it was the sales growth towards the end of the quarter which really made the difference. Sales in June 2017 were 4.46% ahead of June 2016, leaving the cumulative total for the first 6 months of 2017 +0.89% ahead of the first 6 months of 2016.
The opening of Inglot, Vila and Selected in Athlone Towncentre Shopping Centre during the quarter brought the mall occupancy rate in the centre to 100% for the first time since the centre opened In Nov 2007. The total occupancy rate for the Bannon portfolio improved slightly during Q2 to 98.8%.
Shirley Delahunt, Centre Manager at Athlone Towncentre said “the opening of Inglot, Vila and Selected within the last three months is hugely encouraging for the centre and reaffirms our position as the premier shopping destination in the Midlands”.
Jennifer Mulholland, Associate Director within the Retail Lettings Department at Bannon noted that “there is strong interest from international brands and finding good quality space has become the biggest issue facing retailers”.
At present Bannon manage over 6 million square feet of retail assets with a total annual rent and service charge income of €100 million and an annual footfall of 85 million. The portfolio is made up of a range of retail assets, from large regional shopping centres to small local neighbourhood schemes.
“strong interest from international brands and finding good quality space has become the biggest issue facing retailers”
Leading outdoor apparel retailer, Regatta Great Outdoors is to open a store in the newly-redeveloped Moore Mall South at the Ilac Centre.
The company signed an agreement in recent weeks for the final space in the refurbished €1.5 million wing of the centre which is owned jointly by UK shopping centre giant Hammerson and Irish Life. Regatta Great Outdoors is set to occupy 1,958 sq.ft at the Ilac. Fit-out of its new store will commence towards the end of this month in preparation for a September opening.
The Moore Mall South redevelopment has seen the arrival of four other new tenants at the Ilac Centre.
BB’s Coffee & Muffins has committed to 1,679 sq.ft, while book and toy retailer, The Works, has opened and occupies 1,958 sq.ft.
Sport supplement store, So Nutrition, and specialist catering equipment retailer, Nisbets. are due to occupy 560 sq.ft and 5,554 sq.ft respectively.
Check out further opportunities in the Ilac Centre
Article in independent.ie
Congratulations to our Quayside Shopping Centre manager Christine Dolan who was runner up for the Young Achiever of The Year 2017.
Bannon took over as managing and letting agents of Quayside in August 2016 and soon after it was clear that Christine was a key member of the management team, had great potential and she was quickly promoted to the role of Centre Manager & Head of Marketing. The centre has seen a significant resurgence since Bannon took over and this award is reflection of Christine’s hard work and dedication to the centre.
The Sceptre awards recognise the best practice and the best people in the shopping centre industry.
They are the pre-eminent accolades in the shopping centre industry, putting the spotlight on management teams, retailers and suppliers that demonstrate real excellence.
Fears about the future of global retail are permeating all markets, and no more so than the property sector. Foremost among concerns is the impact of the internet and autonomous private vehicles and drones and other autonomous delivery systems.
These issues have and will continue to have an impact on the role of the lowly shop in our society. However, like most fears this is largely derived from a lack of knowledge and understanding. It is much easier to keep away from what is perceived as a “scary and unpredictable” property sector than try to understand it. But through understanding comes rich rewards.
So why all the fear? By and large it is derived from the retail carnage that has unfolded in the US over the past number of years. High-profile store closures and job losses have been par for the course, but the only real surprise is that it didn’t all happen sooner. Little-known fact: the US has more than six times the retail floor space per capita than the UK and more than 10 times (yes, 10 times) the European average.
According to Forbes magazine, the number of American shopping centres has grown by more than 23%, and GLA (gross leasable area) by almost 30% since 1995. In that time the population has grown by less than 14%. Forbes says there is now close to 25 sq.ft of retail space per capita, and about 50 sq.ft if small shopping centres and independent retailers are added. In contrast, Europe has about 2.5 sq.ft per capita.
In addition, because of the maturity of the US market this is largely old and out-of-touch stock, such as generic strip malls and mass discount retail warehouses.
In this context, it is absolutely logical that the American retail sector is going through such a horrendous time. The internet impact was just the straw that broke the considerably overburdened camel’s back.
Another key feature distinguishing the “Irish situation” from that of the Americans, or even the British, is the impact of our planning system.
Despite the system’s many flaws, since 1999 the concept of sustainability has been at the heart of Irish planning, where proof of demand needs to be established and retail impact considered.
Now, there is no denying that there are multiple examples where competing city and county areas (or two adjoining counties) have granted excessive retail permissions in a clear attempt to secure “rates” for their district. By and large, however, the system has not gone down the UK route of hollowing out its town centres with mass satellite development, or the American route where brand new schemes are built, necessitating the closure of the neighbouring older “mall”.
As a consequence the Irish retail stock, which is largely situated within or close to existing historic town centres, is better placed to adapt to the additional pressures brought by demand for a more modern “experiential retail product”.
Unlike the relatively simplistic supply and demand dynamics that have driven the Irish office and residential sectors to uncomfortably high levels, “the fear factor” echoed at every property conference over the past 24 months has left the retail sector as the last remaining refuge of true value in the Irish property market.
Yes, there are examples of “over-enthusiastic purchases”, but most well-advised investors of retail portfolios over the past two years are enjoying double-digit capital growth as well as attractive ongoing cash-on-cash returns, and this is before things really start to “kick-off”.
A case in point is Sigma Retail Partners’ recent acquisition of the Manor Mills Shopping Centre in Maynooth, Co Kildare, which was acquired in 2004 for nearly €50 million. It was in turn acquired last January by Sigma on behalf of a private equity fund for €13.8 million, with a number of vacant units and a net operating income yield of 8.5%.
Less than six months later, Manor Mills is approaching full occupancy and producing a yield of 10.2%, with annual cash-on-cash return of more than 18% off predominantly market rents.
So were the new owners just lucky in a “scary and unpredictable sector”?
I believe there is more to it than that. Information is key. Turnovers, sales density, footfalls, click-and-collect sales and returns are key underwriting inputs. This is real-time factual data, not hypothesis or conjecture, based on data collected across the shopping centres and high streets across the country – not generic national statistics which hide the winners and losers.
When we overlay the demographic data along with its economic growth, there are (and will be) both seriously big winners and big losers in the retail property sector.
Knowing which to invest in is the key. Knowledge-based investment is not so scary and very lucrative.
Rod Nowlan is a director director of capital markets at Bannon Property Consultants.
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