SHORTS:The outdoor specialists, 53 Degrees North, have taken a long-term lease of a 600 sq m store in the renovated St Paul's Church in Cornmarket scheme in Cork city centre.
The terms are understood to be on a turnover only basis. Advised by Jason Millar of Colliers International, the trader joins TK Maxx as one of the anchor tenants in this scheme. 53 Degrees North also trades out of Blanchardstown Town Centre and The Park in Carrickmines.
Maxi Zoo expands to Waterford
THE GERMAN pet supplies retailer Maxi Zoo has opened its eleventh Irish store at Butlerstown Retail Park in Waterford. It will be paying a rent of €100 per sq m for a shop of 725 sq m. Johnny OConnor DTZ Sherry FitzGerald says Maxi Zoo has been trading exceptionally well since entering the Irish market and was looking for further outlets of 600 to 1,000 sq m throughout the country.
Chris Bogle of Bogle Estates advised the owner of Butlerstown Retail Park.
Debating upwards-only rent
THE BRITISH PROPERTY litigation lawyer Lesley Webber, OBE, and Aidan O’Hogan, former chairman of Savills, are to debate the arguments for and against the Government plan to end upwards-only rent reviews in existing leases at the first annual conference of the Society of Chartered Surveyors Ireland in Dublin on Friday next.
Meanwhile, in a sample survey of some chartered surveyors, the society said 41 per cent of them had reported that retail tenants had received a rent reduction of between 20 and 29 per cent in 2011.
However, there is anecdotal evidence that a great many landlords and some of the largest shopping centres have refused to make rental concessions to their tenants.
