Having paid about €10.5 million earlier this year for the Stephen’s Green Collection, a retail portfolio comprising numbers 2, 3 and 5 St Stephen’s Green, and a separate mews building to the rear at 7 Anne’s Lane, the Treacy Group has instructed agent Colliers to offer the properties to the letting market.
While all three buildings occupy similarly high-profile positions next to Grafton Street and directly opposite the St Stephen’s Green Luas green-line stop, number 3 St Stephen’s is the best of the available properties. Previously occupied by the Oasis fashion chain, it comprises a large open-plan ground floor of 370sq m (4,000sq ft). It also features a distinctive triple-height bay window offering views over St Stephen’s Green Park.
The former PTSB branch occupying number 2 St Stephen’s Green comprises four floors with a ground-floor area of 176sq m (1,900sq ft). It sits immediately adjacent to the premium fashion retail store operated by REISS at number 1 St Stephen’s Green.
The smallest of the available properties is number 5 St Stephen’s Green, a former Coast store extending to 73sq m (780 sq ft) of split-level ground-floor trading space with additional accommodation at basement and at three upper levels.
With occupancy rates on Grafton Street and its immediate environs now approaching 100 per cent, Mervyn Ellis of Colliers expects the three St Stephen’s Green units to attract attention from a number of national and international retailers who have outstanding requirements to open flagship Dublin stores. He says the most likely end users are expected to be fashion, athleisure and cosmetic brands.
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Notable recent market entrants on Grafton Street and its surrounds have included Alo Yoga, Lululemon, LEGO, Russell & Bromley, Carhartt, American Vintage, Tag Heuer, New Balance and Mont Blanc.
The Treacy Group acquired the St Stephen’s Green properties from Aviva’s Irish Commercial Property Fund for about €10.5 million. The price paid represented a significant discount on the €13.5 million which had been guided by Savills when it offered the portfolio to the market.
The Treacy Group are low-profile property developers and investors who have built up real estate holdings which include Newbridge Retail Park, The Courtyard shopping centre in Newbridge, Co Kildare, and the Showgrounds Shopping Centre in Clonmel, Co Tipperary.
