Zara is one of a number of top fashion multiples in talks to open a new store beside the Gaiety, writes Jack Fagan
Dublin's Grafton Street area is in line to get a major boost with the disclosure that the Spanish fashion giant Zara is one of a number of top international fashion multiples in discussions to open a large store in the redeveloped Eircom Building next to the Gaiety Theatre on South King Street.
Zara is understood to be the preferred choice for the anchor store in the €100 million complex which is to open next year.
If the deal goes ahead, Zara will occupy up to 2,787sq m (30,000sq ft) on three floors of a stunning new contemporary glazed block which is expected to change the fortunes of a street that has been pedestrianised in recent years. There is likely to be intense competition to trade alongside the fashion chain, particularly in a second large store of at least 2,322 sq m (25,000 sq ft) which will also have frontage on to South King Street.
London agent Harper Davis Hobbs is negotiating on behalf of Zara while the developer, Joe O'Reilly, is being advised by Bannon Commercial.
Zara's arrival beside Grafton Street would obviously help to reverse the fortunes of the city's main high street which has come in for increasing criticism because of its many tatty chain stores and its inordinate number of mobile phone shops.
Henry Street, by comparison, has seen a remarkable renaissance since Zara opened a stylish store in the Roches Stores shopping centre two years ago. Arnott's ever improving retail offering has also been a major draw.
O'Reilly, the main figure behind the development of the Dundrum Town Centre, is to build the five-storey over basement mixed-use block of 8,055sq m (86,703sq ft) on South King Street. The scheme will also include a third store and possibly six apartments.
The 1980s Eircom Building was bought more than four years ago for €32 million with the intention of replacing it with a high profile retail complex. Dublin City Council granted planning permission on two occasions for the retail project with the intention of promoting shopping along the street which flanks the St Stephen's Green Shopping Centre. An Bord Pleanála overruled the first decision and a subsequent objection from a neighbour to the present scheme was eventually withdrawn.
The slippage in Grafton Street has been accentuated by the shortage of large retail outlets which are now demanded by international traders. The South King Street venture will go some way to meet that demand; another large outlet may also become available on Grafton Street shortly if Marks & Spencer decides to lease a proposed 1,858sq m (20,000sq ft) store which is to be developed on the site of the Grafton Arcade.
The South King Street project has been designed by the distinguished architect Andrew Wejchert of A+J Wejchert.
South King Street does not presently attract many shoppers because it has few shops of any consequence. It was a different story before the St Stephen's Green shopping centre was developed. Previously, there was a row of shops facing on to the street but, in a decision that still baffles even the present day planners, British Land was allowed to replace the shops mainly with a blank wall.
