ShoppingCentres: More UK multiples are now expected to take space in a major new Kildare shopping centre. Jack Fagan reports
A major new regional shopping centre under construction in Newbridge, Co Kildare, has secured a crucial endorsement with the decision by UK giant Debenhams to become one of the anchor tenants.
The high profile department store has completed contracts to trade out of 4,700 sq m (50,560 sq ft) on two levels in the €250 million White Water (CHECK) Shopping Centre when it opens for business in 2006.
Debenham's decision - it is also opening at Mahon Point in Cork next February - will inevitably attract other leading UK multiples to the Newbridge complex which will provide the midlands with a strong alternative to shopping in Dublin.
Debenhams will be paying a rent of close to €2 million. Larry Brennan of Hamilton Osborne King is quoting Zone A rents of €2,000 per sq m (€146 per sq ft) for other shops which works out at €750 to €1,000 per sq m (€54.90 to €73 per sq ft), depending on size and configuration. Colm McEvoy is the other joint agent.
White Water is being targeted at the thriving fashion and lifestyle markets and with Dunnes Stores, Tesco and Supervalu already operating large stores close by, it is thought likely that Marks & Spencer may pitch for one of the other anchor outlets. The other spacious units will undoubtedly be aimed at companies such as Zara, Next, New Look, Monsoon, River Island and TK Maxx.
In addition, there will be a broad range of Irish and international tenants in the two-level shopping centre which will have 50 unit shops, a large food court with seating for 500 patrons and 1,700 car-parking spaces.
The 32,000 sq m (344,445 sq ft) development will also include a six-screen cineplex, 1,300 sq m (14,000 sq ft) of commercial buildings and 85 residential units.
The complex is being built on a joint venture basis by Ballymore Properties and Mountbrook Homes, which acquired the former Irish Ropes site off Main Street in Newbridge a number of years ago. The same two companies are also planning a large business park beside their site for 1,500 homes in Greystones, Co Wicklow.
Ballymore and Mountbrook will be promoting White Water as a "mass market fashion centre" that will serve a broad stretch of the midlands and east coast. The catchment area within a 30-minute drive has a population of 160,000.
The ever worsening traffic congestion in Dublin city and suburbs and the willingness of leading traders to open in thriving towns away from the capital has meant that provincial shoppers no longer have to endure the long and often tortuous trek into Dublin to get high quality fashion and other goods.
Sean Mulryan, chairman and managing director of Ballymore, said that with White Water set to become the largest shopping centre outside Dublin, the decision by Debenhams to take the anchor store would further strengthen the retail potential of the scheme.
Sean Dunne, managing director of Mountbrook Homes, said they were delighted to be able to provide top quality shopping in Newbridge, which had been identified as a primary develoment centre in the National Spatial Strategy.
