With the fallout from the failure of the HMV business likely to have an impact on high street rents for some considerable period, the Irish Pension Unit Trust has opted to take a short-term hit on its store in Patrick Street, Cork, where the music chain had been paying a rent of €580,000 per annum.
The Irish music chain, Golden Discs, has been given a five-year lease of the premises at a rent somewhere between €200,000 and €250,000. The building has 209sq m (2,260sq ft) at street level and a further 139sq m (1,503) of retail space at first floor levels.
Garret Shields of Savills advised the tenant while Mervyn Ennis BNP Paribas Real Estate acted for IPUT.
Meanwhile, IPUT has already settled for a reduction from €1.7 million to
€1 million in its rent for the former HMV store on Dublin's Grafton Street which is be re-let in the coming weeks through Savills.
Zara's sister company, Massimo Dutti, has been tipped as the most likely candidate for what is one of the best proportioned stores on Grafton Street. The same trader is doing exceptionally well at Dundrum Town Centre. IPUT has a 60 per cent stake in the Grafton Street shop, with the balance held by Aviva.
