A round-up of other commercial property news in brief
Penneys for The Square
The low-price fashion multiple Penneys is expected to announce today that it is to open a major store at The Square in Tallaght, south Dublin.
The company is understood to have agreed leasing terms for a store of about 11,148sq m (120,000sq ft). Penneys normally pays a staged rent of about €161–€215 per sq m (€15–€20 per sq ft) for such a large store. The company dominates the bottom end of the fashion business in Dublin where it has extensive stores in Mary Street, Dundrum, Dún Laoghaire and Swords. It is certain to trade equally well in Tallaght where The Square attracts a wide clientele. The centre is bucking the downward trend in Irish retailing and is fully let with about 120 stores including anchors Tesco, Dunnes Stores and Debenhams.
Plans by Penneys to open in Tallaght have been held up recently by a legal dispute between solicitor and developer Noel Smyth and a company originally controlled by developers Larry O’Mahony and Thomas McFeely. Smyth’s company, Redfern, alleges Mr O’Mahony and Mr McFeely broke a deal with Redfern for the redevelopment of The Square and “double dealt” with developer Liam Carroll.
Maxi Zoo to open two stores
The German pet supplies retailer, Maxi Zoo, is opening two new stores this month at Tallaght, in south Dublin, and Naas. It already has four outlets in the Republic. The 1,000sq m (10,764sq ft) store in Tallaght will be beside Lidl and Woodies in the Arena Retail Park while the other 800sq m (8,611sq ft) unit will be alongside Woodies and Heatons in the Globe Retail Park in Naas.
Johnny O’Connor of DTZ Sherry FitzGerald, who is advising Maxi Zoo, says the company has been trading exceptionally well since moving into Ireland and would be looking for further trading locations.
Enda Moore of Hooke MacDonald advised the Elliott group which owns both retail parks.
River Island for Navan
Leading fashion retailer River Island is continuing to expand with plans for a new store at Navan shopping centre. The former Sasha shop has a floor area of about 510sq m (5,500sq ft). DTZ Sherry FitzGerald is advising the owners of the centre.
300,000 for office suite
DNG Commercial is seeking offers in the region of €300,000 for the freehold or €20,000 per annum for an office suite over the Jaipur restaurant on Castle Street in Dalkey, Co Dublin. Freehold commercial properties are seldom offered for sale on Castle Street. The 125sq m (1,345sq ft) unit has its own street entrance and was formerly an architect’s office.
