The centre fronts onto Henry Street and Moore Street, not far from the GPO in O'Connell Street. It's owned on a 50:50 basis by Joe O'Reilly and Irish Life, but overall asset management is under the control of Joe O'Reilly.

Built 25 years ago, it was the first shopping centre in the heart of Dublin and occupies a 2.26 ha site just off Henry Street. In the intervening years, few improvements have been made. Until now, it's presented a dowdy, run-down image and this is the centre's first major overhaul. The nearby Jervis Street shopping centre, which is much more modern, was opened in 1996.

Now, all that's set to change, as over E60m is being spent on refurbishment with the aim of creating an attractive, modern shopping environment and giving the centre the feel of a full-length shopping street with double-height shops.

All the entrances and facades at the centre are being replaced and an enhanced street presence will include new graphics and signage. Roof levels are being raised to create double-height space and the removal of plant rooms spanning the malls will also improve the centre's internal appearance, creating a sense of light and space.

According to Marcus Wren, a director of Bannon Commercial, property advisors to the co-owners together with HWBC, the centre will also benefit from a well-thought-through tenant mix strategy. "Mary's Mall, the Central Mall and the Moore Mall will be predominantly geared towards fashion and other comparison retailers, while the Parnell Mall is already fast becoming a food and services-based destination."

Wren adds that the design team, along with the property advisors, are continuously assessing opportunities to increase the floorspace within the centre and maximise the existing space.

In the short term, Dunnes Stores will be relocating from its Moore Mall store to a new 13,500 sq m flagship store that will run from Henry Street and link directly into Central Square, due to open next year. The co-owners will then be in a position to sub-divide the existing store to provide room for a number of medium space users who are keen to gain representation in the centre.

Customer facilities are being improved too. Spacious new toilet facilities have already opened. New modern directional signage is provided throughout the centre and new lifts will replace the existing provision to the car park. Existing facilities in the centre include Dublin City Council's central library.

catering upgrade

Numerous new eateries are already helping improve the dwell time in the centre, which has a current footfall of about 14m per annum, a level that's rising thanks to new tenants including H&M. One of the attractions for customers is the fact that it has the largest car park in Dublin city centre, with over 1,000 spaces and a very customer friendly design.

Average Zone A rents in the centre, depending on location, vary from around E2,150 to E2,700 per sq m. Currently, Bannon Commercial and HWBC have a number of units available, including a new 650 sq m unit fronting onto Henry Street, next door to H&M and Zara.

In Dublin, there's also speculation that in the longer term the ILAC Centre could link into the proposed Millenium Mall between Moore Street and O'Connell Street. But such a move is still several years away at best.

And in a move unrelated to his ILAC Centre investment, Joe O'Reilly is claiming beneficial ownership of a site at 16 Moore Street, saying that Dublin City Council has agreed to sell him the premises as part of the Carlton Cinema, O'Connell Street/Moore Street parcel of sites.

However, that deal depends on a High Court hearing, as the compulsory purchase order by the council is under appeal to the Supreme Court by architect Paul Clinton. If these legal decisions go in O'Reilly's favour, it could open the door to creating a "corridor" from Moore Street through to O'Connell Street.

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