The decades-old Creation Arcade off Dublin's Grafton Street is to be redeveloped, writes JACK FAGAN
SEVERAL overseas traders unable to find large shops on Dublin’s Grafton Street have expressed interest in two spacious new retail buildings which are to be developed on the site of the former Creation Arcade. One of the shops will have frontage on to Duke Street while the other will open on to Upper Duke Lane and Lemon Street.
The redevelopment will form part of a larger scheme which will eventually include 21-23 Grafton Street, now occupied by Hickey’s Pharmacy, Field’s Jewellers and the Scottish accessories retailer Dalvey.
When completed, the entire scheme will extend to just over 30,000sq m, making it the largest redevelopment on Grafton Street since Brown Thomas and Marks & Spencer moved into their new stores over a decade ago.
The project is to be carried out by businessman Ronan McNamee who made a fortune from the sale of bread producer Cuisine de France to IAWS in 1997. He has invested heavily in assembling the Grafton Street/Duke Street site, paying almost €20 million early in 2006 for the relatively small O’Connor Jeans store, now occupied by Dalvey. Early in 2008 McNamee spent a further €17 million acquiring the Creation Arcade from long term owners the Esses family. The decades-old arcade, which had been struggling over the years, had about 400sq m (4,306sq ft) of retail space in a variety of small units and an overall floor area of almost 600sq m (6,458sq ft). It was one of the last significant property sales in the city centre before the banking crisis developed. McNamee is believed to have acquired the buildings occupied by Hickey’s pharmacy and Field’s Jewellers about eight years ago.
Dublin City Council’s decision to grant permission for the redevelopment had been expected given that it favours the amalgamation of smaller shops to create larger and more attractive outlets for international traders.
The new store planned for 23 Duke Street will have 822sq m (8,848sq ft) over ground, first and second floors with 288sq m (3,100sq ft) available at street level. Savills is quoting a rent of €600,000 for the building, which will have floor-to-ceiling heights of 4.5 metres.
It will adjoin well- known publicans Davy Byrnes. The second shop, on the corner of Upper Duke Lane and Lemon Street, will have a ground floor area of 149sq m (1,604sq ft) and two upper floors with a separate entrance to allow them to be used as retail, a restaurant or offices. Savills is seeking a rent of €150,000 for the ground floor.
Simon Cooper of Savills, who is handling the letting, says there is a considerable shortage of prime large-format retail stores in the city centre, especially properties on a new lease. He said Duke Street was the most high-profile street linking in to Grafton Street and had the added advantage of being opposite Marks & Spencer.
