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Athlone Town centre |
During this year and next, many new shopping centres and extensions to existing schemes will open. The pace of retail park openings may have slowed dramatically, with less than a dozen planned for 2007 in locations such as Ashbourne, Killarney, Midleton, Navan, New Ross, Tallaght and Thurles, however, the pace of shopping centre openings remains at full force.
Marie Hunt, director of research at CB Richard Ellis in Dublin, is very optimistic about the prospects for the next two years; the investor and consumer appetite for shopping centre development continues unabated, a view shared across the business. Much of the interest concentrates on new developments in the greater Dublin and Midland areas, rather than Cork and Galway.
"The retail market in Ireland will continue to perform strongly in 2007, although conditions are going to become more competitive, particularly in the retail warehousing market," says Hunt. "Competition among retailers for prime development sites and pitches will remain strong as new entrants continue to seek opportunities and domestic and overseas retailers continue to expand operations throughout the country."
ARKLOW
Bridgewater shopping centre is a mixed-use development, covering a total of 23,225 sq m. The anchor will be the ubiquitous Dunnes Stores, with a 7,000 sq m unit. Other tenants already signed up include Coast, Hughes & Hughes (the Irish-owned book retailer,) New Look, Oasis, TK Maxx and Virgin. The centre is due to open this autumn.
ATHLONE
Athlone Town Centre is due to open in the autumn, when it will be the biggest shopping centre development to open in Ireland this year, with 28,000 sq m of retailing space, all fully let to an array of national and international retailers, 60 in all. Marks & Spencer will be among the lead retailers. Already, the centre is being dubbed the "Grafton Street of the Midlands." Developer John O'Sullivan says that the team has gone to great trouble to make the design of the centre innovative and different, with two intersecting streets and an interesting central plaza. Other features of the centre will include space for 1,400 cars, substantial residential and a 14-storey hotel. O'Sullivan says the new centre is ideally placed, right in the centre of Athlone, which is going to be "the next new city in Ireland."
BANBRIDGE
The Outlet is close to being completed by GML Estates and Land Securities as a 205,000 sq ft scheme on the A1 Euroroute. Retailers committed to the scheme include Gap, The Designer Studio, ex-Z and M&S. It is due to open at Easter 2007.
Belfast
Construction on Multi Development's 800,000 sq ft mixed-use Victoria Square scheme is progressing with the House of Fraser facade now complete. Construction on the spectacular glass dome that will dominate the centre has begun and the completed dome will be visible to the public this summer. Victoria Square is scheduled to open in March 2008.
CARLOW
A new retail centre being planned for the centre of Carlow, with Dunnes Stores as the anchor in a 7,708 sq m unit and close to 5,000 sq m of other retailing space, is likely to be ready during 2008.
CORK
The Academy Street shopping centre scheme, being developed by O'Callaghan Properties, is costed at about E500m. Its prime location, in the heart of Cork city, has attracted strong interest from the likes of Gap, H&M, Arcadia Group and Zara. However, planning permission wasn't granted until late 2006, which means the scheme probably won't be completed until late 2008.
The Cornmarket Centre is a landmark retail development situated on the former Guy & Co site of more than 1.5 acres. Comprising 17 retail units on two floors over basement in a unique and vibrant city centre location, the centre is due to open in Autumn 2007.
DROGHEDA
Laurence Town Centre in the centre of Drogheda is due to open this March as a counterbalance to the Scotch Hall shopping centre, which has been trading for just over 12 months. The M&S store there is already open, but the rest of the centre, with a total of 15,000 sq m, will open shortly.
DUBLIN
Adamstown shopping centre is due to open this year in the new town of Adamstown, west of Dublin, close to Lucan. The whole scheme isn't, however, due for completion until 2010.
Arnotts' ambitious plans to redevelop parts of the north city centre are advancing well, but it's unlikely any elements will be ready to open before the end of 2008.
Beacon South Quarter is being developed in Sandyford, south Co Dublin, by Landmark Developments at a cost of E400m. It will include 750 apartments and 23,225 sq m of retail, including general retail and warehousing. Dunnes Stores will be the anchor retailer. It's due to open in late spring 2007 and gives retailers the chance to rent large floor units close to the M50.
Blanchardstown Centre claims to be the largest retail site in Europe, and Green Property is planning to extend its retail floorspace by two-thirds over the next five years, bringing its total retailing space to about 185,000 sq m. Some of this extra space may come on stream during the next two years. However, Fashion Park III is scheduled to open after Easter, with 10,000 sq m of retailing. TK Maxx is taking a much larger and improved unit, which will be its biggest in Ireland.
Charlesland is a much larger shopping centre in Finglas, with about 20,000 sq m of retail, ready this year. Dunnes Stores is spending about E80m, buying a unit and fitting it out. The Finglas area to the north of Dublin, is currently undershopped. One interesting feature of Charlesland is that developer Bovale is going to maximise use of the roof. The investment is costed at E175m and will be close to the proposed Ikea store, where the An Bord Pleanála's decision is imminent. If this is favourable, Ikea is expected to open its first store in the Republic during 2008.
Citywest is a smaller centre in a fast-growing part of west Dublin and is designed to serve a local trade, with Dunnes Stores as the anchor tenant. It will have 12,000 sq m of retail in total and will be open this year. However, it won't be a destination attraction like the new Avoca store nearby.
Gaiety Centre is yet another brainchild of Joe O'Reilly and will have 7,400 sq m of retail. H&M and Zara are among retailers who have already signed. As of January 2007, only one unit in this prime location, just off the top of Grafton Street, remained unlet. Opening of the centre is scheduled for autumn 2007/early 2008.
Glasshaus shopping centre, Tallaght, phase I, is due to open in May 2007 and will have 37,000 sq m of retail, with M&S as the anchor tenant. It is close to The Square shopping centre, Tallaght. The Iveagh Markets scheme isn't likely to be ready until late 2008 or into 2009 as planning permission wasn't applied for until January 2007. The developer, Martin Keane, is planning to turn the old market, on Francis Street, into a Covent Garden-style retailing and leisure complex.
John Player is a E480m city precinct-style centre planned for the former Player Wills cigarette factory on South Circular Road, close to the city centre. The ambitious project will include 484 apartments, 10,000 sq m of retail in 13 units and an anchor store. It's expected that completion will be phased in from 2008.
Pavilions shopping centre, Swords, phase II, is due to open this year, adding close to 15,000 sq m of retailing space. Plans are well advanced for phase III.
Tyrrelstown retail park will be the largest retail park in the Republic when it's completed, says the developer, Dublin-based TwinLite Developments. It will have close to 30,000 sq m of retailing space, but probably won't be ready until early 2008, at a cost of E200m. It will include retail warehousing and six big motor showrooms. It is a new town-style development and its 10,000 sq m shopping centre opened in early 2006.
The E30m Village Centre being developed by Joe O'Reilly's Castlethorn Construction, close to Ashtown in north-west Dublin, is due to open in April 2007. Retail highlights will include a 1,300 sq m store for Superquinn.
GOREY
Gorey Town Centre shopping centre will have 11,100 sq m of retail altogether, with 8,175 sq m occupied by the anchor tenant, Dunnes Stores. It will also have 19 internal mall units and 400 car parking spaces, and is due to open later this year.
KILKENNY
McDonagh Junction is expected to open later in 2007, to include 25,000 sq m of retail, with Dunnes Stores as anchor. The 50 other retail units are expected to include many internationally known brands keen to come to Kilkenny, an undershopped city. The McDonagh Junction development is owned 50:50 by CIE, the State railway company and Chesterbridge Developments, and is costed at about E120m.
LIMERICK
The Opera shopping centre is an ambitious plan that's the brainchild of the Belfast-based Regeneration Developments company. Planning approval was recently given by An Bord Pleanála, but construction may not be completed until the autumn of 2008.
Coonagh Cross shopping centre, Limerick, a project of Chieftain Construction, is under way and is expected to open in late 2007/early 2008. It will have 18,580 sq m of retail as well as leisure and entertainment facilities. The development, costed at E200m, will have Tesco Ireland as the anchor retailer and when it is completed, Coonagh Cross will be the largest shopping centre in the Mid-West as well as the fourth to open in Limerick city.
LONGFORD
The proposed Longford shopping centre is being developed by the Dublin-based Grattan Property Company. It will have 20,000 sq m of retail and is due to open in the spring of 2008.
PORTLAOISE
The E50m Kyle shopping centre, which is due to open this year, will have 10,000 sq m of retailing space. Dunnes Stores will be the anchor, with 4,640 sq m, and there will be an additional 20 retail units.
TIPPERARY TOWN
Tipp Town shopping centre, with seven retail units and Dunnes Stores occupying an anchor unit of 6,000 sq m, is due to open in autumn 2007. It will have seven other retail units, varying in size from 129 to 382 sq m.
TULLAMORE
The E20m Collins Lane mixed scheme will include 5,000 sq m of retail, with 18 mall units and an anchor store of 1,324 sq m. Being developed by the GVM Group, it's unlikely to be ready until 2008.
WATERFORD
The striking new development of Crystal Village is being planned at a cost of E300m by the Parker Green company, which built The Quays shopping centre in Newry and the Fairgreen shopping centre in Carlow. The Crystal Village centre is planned to have substantial retail as well as many leisure and community activities, but the first phase is unlikely to be ready before 2008.
Ferrybank retail and shopping park, costed at E100m, is under construction on the eastern side of Waterford. It will have 7,000 sq m of retail space, with a further 3,000 sq m occupied by Dunnes Stores as the anchor. Developer Deerland Construction, based in Kilkenny city, expects completion of Ferrybank in autumn 2008.
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