Commercial Property

Irish footwear retailer agrees to lease South Anne Street store

Building owner Irish Life believed to have settled for rent of €120,000 per annum

2 South Anne Street extends to 2,231sq ft over five levels

Justin Comiskey
Wed Feb 20 2019 - 05:00

A well-known Irish footwear retailer has agreed to lease a shop formerly occupied by Alan Keville For Hair just off Grafton Street in Dublin 2.

The letting, handled by Stephen McCarthy of Savills, is for 2 South Anne Street which extends to 207sq m (2,231sq ft) over five levels. The Irish retailer, who is believed to be considering branding options for the shop, is likely to open in late spring and offer premium lady’s footwear and accessories.

Irish Life, which owns the building, is believed to have settled for a rent of €120,000 per annum which breaks back at €4,444 per sq m (€413 per sq ft).

The new rent is well ahead of the Alan Keville hair dressing salon letting which started on July 5th, 2011, at a rent of €87,500 per annum – this was set to increase to €92,000 in July 2015 while the 15-year lease had a tenant break option in July 2018.

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Strong rent

This new letting would be considered a strong rent for South Anne Street but is well below recent lettings on Grafton Street at between €6,566-€6,997 per sq m (€610-€650 per sq ft).

Prime rents on Grafton Street are generally stabile but are still more than 60 per cent below peak levels reached in 2007.

Mr McCarthy said number 2 generated strong interest from food and beverage occupiers seeking a pitch at this prime south city centre location. Nearby occupiers include Inglot, Jigsaw, TM Lewin, Links of London, Magee, Sheridans and Timberland.

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