RETAIL MARKET:The multiple will have a flagship store of 11,148sq m (120,000sq ft) over three levels - including a food court, fashion and home furnishings - when the north docklands shopping complex opens for business in 2010.
DUNNES STORES is believed to have paid over €45 million for the large anchor store in the proposed Point Village in the north Dublin docklands which is being developed alongside an enlarged concert venue.
Dunnes will have a total floor area of 11,148sq m (120,000sq ft) over three levels, offering a substantial food court, fashion and home furnishings when the shopping complex opens for business in 2010.
A spokesperson for the Irish multiple said they expected to cater not only for the growing population in the docklands but also people living in surrounding areas. "This will be another city centre flagship store for us which will include the most up-to-date facilities.
"We will be taking advantage of the quality and design of the Point Village and the extremely friendly 1,000-capacity car park. The store will incorporate travelators as well as customer lifts."
Apart from the fast-growing number of people moving into the docklands - it is eventually expected to be home to about 65,000 - and the large number of office workers in the immediate vicinity, the promoters say that the location of the Point Village "at the centre of Dublin's coastal wealth belt" means that it will be accessible to a large catchment area, including Clontarf, Drumcondra and Raheny on the north side of the city and Sandymount and Ringsend on the south side.
Harry Crosbie, chairman of Point Village Ltd, says that being able to "come to an agreement with the biggest and most respected name in Irish retailing is particularly pleasing".
He said they had agreed a plan that would see Dunnes leading one of "the most remarkable retail developments the country has seen".
Apart from the anchor store, the shopping centre will have a further 9,290sq m (100,000sq ft) of space for about 45 additional traders.
Larry Brennan of Savills HOK, who is handling lettings, says that, like Canary Wharf, he expected the Point Village to attract all the mainstream brands.
"The new centre will attract high spending customers not only from the adjoining offices but also from surrounding residential areas."
Rents for shop units are expected to range from €645 per sq m to €968 per sq m (€60 per sq ft to €90 per sq ft).
Apart from the shopping complex and the 14,000-seater concert venue, the site will also accommodate 4,000sq m (43,055sq ft) of offices, 170 apartments in a 36-storey tower which, along with the planned U2 Tower on the opposite side of the Liffey, will mark a marine entrance to the city.
There will also be a 250-bedroom hotel to be operated by the Clarion Group.
