RETAIL MARKET:INTERNATIONAL FASHION chain Next is to join Dunnes Stores and BQ in the first phase of the Gateway shopping complex at Knocknacarra in Galway.
Next will occupy a two-level store of 1,497sq m (16,114sq ft) when it opens in June.
The multiple, which will be paying less than the guide price of €484 per sq m (€45 per sq ft), is enjoying buoyant trading in most of its 460 stores in the UK and Ireland.
It also has over 100 franchise stores overseas.
Dunnes and BQ have been trading successfully since last year on the 57-acre Knocknacarra site which will accommodate a mix of industrial buildings, offices, homes and retail facilities.
The shopping element will extend to 10,000sq m (107,639sq ft).
Also set to join the line-up is a Galway-based pharmacy which had to tender a premium to lease its two-storey unit of over 537sq m (5,780sq ft). The rent will be €592 per sq m (€55 per sq ft).
Savills HOK is in discussions to let the remaining store of 464sq m (5,000sq ft) to an international fashion chain.
Michael Whelan's Moritz Group has begun developing another phase of shopping which will have around 10,000sq m (107,639sq ft). The first phase has provided a retail area of 16,432 sq m (176,874 sq ft).
Bernadine Hogan of Savills HOK predicts that Gateway will act as the commercial hub for the west side of Galway city. The facility serves an immediate catchment area with a population of 53,000. Galway city and county has a population of 231,670. The Moritz Group is also developing a scheme known as Tullamore Gateway in Co Offaly. The development will be alongside Dunnes Stores which is to expand.
