Bank RedevelopmentAn international campaign has begun to get tenants for the largest city centre retail space to have come on the market for years. Jack Fagan reports
An international marketing campaign has been launched to find retail tenants for the former Bank of Ireland building linking College Green with Suffolk Street in Dublin 2.
White Glory, a consortium led by the owners of Powerscourt Townhouse, is expected to fetch at least €2 million in rent from the retail areas which will have a total floor are of 3,000 sq m (32,291 sq ft). There will be three levels of retail use at the Suffolk Street end, basement, ground and first floor, and mainly one level fronting on to College Green.
Though the owners would ideally like a single user, the odds are that it will be broken up among two or three leading retailers.
Fergus Keane of agent Hamilton Osborne King says the retail space is easily the largest to have come on the market in Dublin city centre in recent years. The building is currently being extended and redeveloped and is expected to be ready for fit-out by the end of the year.
Keane says it is likely to be of interest to fashion retailers targeting Grafton Street who either can't find suitable premises or are reluctant to pay Grafton Street rents.The Suffolk Street frontage lends itself to being divided into two shop units of 668 sq m (7,190 sq ft) on ground level and 1,530 sq m (16,468 sq ft) over two other levels with back-up space in the basement. Under this arrangement, the College Green end could be let separately with 748.9 sq m (8,061 sq ft) of space available.
Keane expects the building to be of interest to retailers such as Zara, Massimo Durtti Bershkja, Boots and FCUK. Between 20 and 30 retailers are currently seeking representation in Dublin's south city.
In addition to the retail space, the building will also have about 4,000 sq m (43,055 sq ft) of offices on the top floors
The current owners paid around €22 million for the building, which is composed of two distinctly different structures, one a large 19th century double height banking hall fronting on to College Green and, on Suffolk Street, a 1960s building that is being enlarged.
