The British fashion chain Laura Ashley is to renew the lease of its Grafton Street premises which is owned by the financial services group, Friends First.

A 35-year lease expired last June. The passing rent of €730,000 per annum is a long way below the going rate on the street. Fergus Cross of College Properties has been retained by Laura Ashley to negotiate new rental terms on the building which has a total floor area of 994sq m (10,700sq ft) including 204sq m (2,200sq ft) at street level.