Retail property market recovers in cities

A MAJOR UK-based retail expo comes to Dublin next month for the first time, as the Irish retail market shows signs of recovery from the economic slump.

The Completely Retail and Leisure Marketplace Expo aims to pair Irish landlords and property owners with retailers looking for a foothold or expansion in the Irish market, especially in the major cities and centres. It runs in Dublin’s CHQ building on Feb 24, and in London in April and September.

It comes as CSO figures show a 2.5% increase in value of sales in every month last year: expo sponsors include CBRE, Savills, Wetherspoons, H&M, Iceland and Chartered Land.

Now, into an improving scene comes a retail unit to let on St Patrick’s Street, Cork near the proposed new John Cleary Developments’ Capitol Cinema site.

No 76 Patrick Street has been vacated by electrical retailer Sony, whose business has transferred to O’Callaghan Electrical on Oliver Plunkett Street. It comes up to let this week with Margaret Kelleher and David McCarthy of Lisney, who quote a rent of €95,000 pa for the 3,360 sq ft building, with just under 1,500 sq ft at ground level.

Lisney report early interest in the unit, which is next door to the former Mothercare shop, vacant for two years, and now set to accommodate clothes shop Jack and Jones when they leave their existing space next to Penneys. That move allows for the latter’s planned major Cork city expansion after a multi-million euro site buying spree right down to Cook Street, and which will also prompt a relocation of the hugely popular Tiger store at the corner with Cook Street.

Lisney’s offer is next to fashion shop Coast, and the unit’s arrival comes at a cusp time of musical chairs and moves on Cork’s premier retail street with new occupants lining up - but many not finding stores with large enough footprints.

Getting big box retailers, or even a second anchor department store like Forever 21 and/or House of Fraser, for the 0.65 acre Capitol site, (bought by JCD for over €5m via Savills) for Grade A retail, with its limited frontage onto Patrick Street will be John Cleary’s focus.

Other moves in 2015 on Patrick Street include Holland and Barrett moving into the Wallis shop, as they vacate Merchants Quay Shopping Centre which is due a facelift and mall changes, subject to planning approval, while a jewellers is due to go into the Swamp shop opposite Opera Lane in a deal negotiated by Leigh Hegarty of Savills, who declined to reveal the new arrival’s identity this week.

While at least two unannounced well-known retailers are likely to vacate units in the coming month on Patrick Street, deals done or pending there to show recovery in the wider sphere, include SuperDry’s arrival, in the Moderne building via Savills, while several shops sales are close to completed, such as Quills via Lisney, and a new occupier is expected soon for the O2 store between Marks& Spencers and Debenhams, where CBRE sought €135,000 for 1,300 sq ft at ground level prior to Christmas.

Details: Lisney 021-4275079

Savills: 021-4271371

www.crmarketplace.com