AntiquesFineArts: Urban redevelopment and rising rents are forcing some antiques traders to reconsider their future. Dick Ahlstrom reports.

Times are changing in Dublin's Francis Street, Dublin 8, for more than two decades the headquarters for antique and fine art sales in the capital. Rents on the street are experiencing sharp upward pressure and this combined with a tougher market is putting the sector under some pressure.

Some of the rent pressure comes from the street's prime location close to central Dublin. Its two ends lie no more than three minutes walk from Christ Church Cathedral to the north and St Patrick's Cathedral to the south, putting it within a short stroll of O'Connell Bridge.

For years it was a low rent haven with a somewhat shabby demeanour, but it has undergone a transformation in the last two decades. Up to 70 per cent of buildings along Francis Street have had at least some redevelopment according to traders on the street.

Its close proximity to central Dublin has also meant that developers have taken a renewed interest in Francis Street. Its layout lends itself to individual building redevelopment incorporating ground floor retail and accommodation above.

"There were always antiques in Francis Street," says Roxanne Moorehead, spokeswoman for the Irish Antique Dealers Association. The tradition goes back as far as the 18th century, when cabinetmakers and related craftsmen plied their trades on Francis Street.

Francis Street's regeneration began in earnest in the early 1980s when a small nucleus of shops sprang up and more followed. Within five years it was developing a reputation as a centre for antique trading and a strong US market developed according to Sean Eacrett, who runs an antiques shop on the street. He is moving premises to Co Laois later this year in a major expansion of his business.

Francis Street is under a bit of pressure however, Moorehead believes. "Quite a lot of people have retired and a lot of people are moving out because the rents have got so high," she says.

There have been some recent antique shop closures on the street, for example Gordon Nichols Antiques, following the death last year of its owner.

Even so Francis Street remains a vibrant centre for antique and fine art sales with nearly two dozen outlets including antiques restorers and galleries.

"I have been on Francis Street for 19 years," says Eacrett. "When I came up to Francis Street, it was a bit rough." There has been steady improvement and rebuilding on the road however. "The one thing you have to remember is we are 10 minutes from Grafton Street and O'Connell Bridge."

In the mid 1980s, there was a mixture of shops, restaurants and craft outlets, enterprises that survived only because of a low rent regime, says Eacrett. "Our shop was originally Myra's Bakery which was well known in the area."

More antiques traders moved in and word got round that if you wanted to shop for antiques, Francis Street was where to head. "It got to the stage that people knew Francis Street was the headquarters of antiques in Dublin," says Eacrett.

Some shops stayed, others came, went and were replaced by other antiques traders. At its busiest there was a substantial passing trade on the street and perhaps 20 per cent of the sales went to US-based buyers.

Things began to slow following the 9/11 attacks on the World Trade Centre abruptly halting the US trade, which still remains slack.

Rising rents have also proved a burden in a weakened overall market for antiques, he believes. "Some of the rent reviews have been very substantial," he says. His own review comes up in July and he expects a 50 per cent increase to €40,000 a year for his unit which has a total of 781 sq m (2,900 sq ft), 139 sq m (1,500 sq ft) of it available to the ground floor shop unit.

The promise of good rent returns makes the street attractive to developers, he says. "The area is still untapped." This tempts owners to develop or sell for apartment complexes but also encourages those antique dealers in a position to do so to also take the speculator's route.

"A lot of the antique dealers on the street own their properties and many have space to the rear," says Eacrett.

Some are moving to other nearby locations on the street and redeveloping their own premises only to move back into completely new retail accommodation at ground level with revenue earning apartments above.

Despite these changes Eacrett maintains that the antiques trade will remain on Francis Street, particularly because of its existing reputation.

His own departure from the street is based on a decision to greatly expand his operations. He lives in Co Laois and owns land there that is being developed. When he leaves his 139 sq m (1,500 sq ft) shop later this year he will be able to move into a 1,229 sq m (24,000 sq ft) headquarters in Co Laois for the same yearly outlay as he currently pays.