Planning & DevelopmentThe planned "Yellow Mall" extension at Blanchardstown - to include 17 retail units, a foodcourt and seven restaurants - will add around €8 million to the rent roll at the complex, writes Edel Morgan
Green Property has lodged a planning application to Fingal County Council for another shopping mall - the Yellow Mall - at the Blanchardstown centre
The proposal for the 25,500sq m (275,000sq ft) extension is for 17 retail units, a first floor food court and seven external restaurants.
Eoin Feeney of HWBC, who is joint agent with Jones Lang LaSalle, says the extension would add around €8 million to the rent roll. This stands at €29 million - but is set to rise to €42 million when rent reviews are completed in the new year.
Average rents will be in the region of €4,305 per sq m (€400 per sq ft).
The centre has a footfall of 17.5 million shoppers a year. Since the centre opened in 1996, the requirements of retailers have changed, with some of the high profile fashion stores seeking bigger premises to accommodate expanding ranges of products and merchandise.
According to HWBC, Monsoon, Boots, H&M and Lifestyle Sports have all indicated they will take more space in the centre. It is likely that the bulk of the Yellow Mall will be taken up by existing tenants relocating to larger units.
The extension is designed to include a fifth anchor store, but this may change and be divided into smaller units, depending on requirements.
Existing traders at Blanchardstown are facing rent increases of 70-90 per cent but the agents say this is still lower than some competing shopping centres.
The new extension will have a a first floor foodcourt of 1,800sq m (19,500sq ft) and seven restaurant units of 2,800sq m (30,000sq ft) on a new streetscape opposite the proposed Metro West line. Each unit will trade over two levels and will incorporate areas for outdoor seating. Target occupiers include Milanos, Dunne & Crescenzi, Cafe Mao, and Luigi Malones.
Zone A rents among existing tenants will rise to around €3,659 per sq m (€340 per sq ft) - an increase of 79 per cent over rents of €2,045 per sq m (€190 per sq ft) set in 2001. However, newly arrived trader, Salsa, a European fashion chain, is paying €4,574 per sq m (€425 per sq ft). Rival centre Liffey Valley is charging an average of €4,305 per sq m (€400 per sq ft )
The population of Blanchardstown has increased by 50 per cent over the last 10 years making it one of the fastest growing suburbs in Dublin, and the population is set to grow a further 15 per cent by 2010.
A new €4 million bus terminus has recently been completed at Blanchardstown, which handles over 600 bus movements each day. A new entrance is planned at Blanchardstown Road South and further substantial investment is planned in upgrading the N3 junction to facilitate improved access.
A 200-bedroom four-star Crowne Plaza hotel is under construction at Blanchardstown and is set to open early next year. Adjoining the hotel will be a block of 92 apartments to be knows as Falcon's View.
