The giant UK newsagency, WHSmith, is opening its first Irish outlet in Belfast's prime city centre retail location of Donegall Place, it has been confirmed.
This will be the company's first presence in Ireland, north or south, since WHSmith sold its business to Charles Eason in 1886.
Agent Hamilton Osborne King has agreed terms with WHSmith and Next for the former C&A department store, which closed a year ago and is undergoing a £35 million sterling redevelopment.
The development will produce the highest retail rental levels in the North, anticipated at £225 per sq ft Zone A. The total rent roll for the two new shops will exceed £1.5 million.
Next is to close its two shops in Donegall Place and Castlecourt shopping centre, and move all its city centre trade into the new 46,000 sq ft shop, paying a rent of £850,000. The Next unit will include a 5,000 sq ft homewares section.
WHSmith is taking a unit of 23,000 sq ft at a rental of £745,000.
Commenting on the recent transaction, Mr Colin Mathewson, of Hamilton Osborne King, said the redevelopment provided for large stores in Belfast city centre for the first time since Castlecourt shopping centre opened, approximately 12 years ago.
"We are delighted to see WHSmith entering the Irish market for the first time in 115 years and estimate that the company will make a welcome new addition to a market sector that has been dominated previously by Eason," he said.
Mr Mathewson said both of the lettings demonstrated a substantial commitment by Next and WHSmith to Belfast city centre, underlining the need for further large retail stores to be made available soon.
This letting campaign had brought to his attention a "large number of outstanding requirements" from retailers looking for city centre representation, he said.
C&A is to retain ownership of the 40/46 Donegall Place site through its property company, Redevco UK. The Belgianowned company is due to close its Ann Street store next January with the loss of 55 jobs, and staff have been angered by what they see as meagre redundancy payments.
LAST summer saw a record rental of £215 Zone A paid by US sportswear retailer, Footlocker, for a unit also located in Donegall Place. Retailers such as Karen Millen, Oasis, Going Places and Orange have paid premiums of between £115,000 and £150,000 for Donegall Place leases.
Redevco, the property arm of C&A Clothing Company, is redeveloping a large property of C&A's huge UK retail property holding.
