Wednesday 22 May 2019

Leading retailers to be lined up as Dundrum tenants

UK property firm Hammerson is a major landlord for retail household names such as Victoria's Secret.
UK property firm Hammerson is a major landlord for retail household names such as Victoria's Secret.
Apple is another tenant of property firm Hammerson

Peter Flanagan

The takeover of loans tied to Dundrum Town Centre may open the way to a slew of top brands setting up a presence there.

UK property firm Hammerson, which has bought the loans along with Allianz Real Estate, specialises in shopping centres and retail parks in the UK and Europe.

It is the biggest landlord for the likes of Victoria's Secret and Apple in the UK.

Speaking to the Irish Independent, Hammerson boss David Atkins said that his firm would seek to bring new players into the centre.

"It's true that we are the largest landlord in the UK for Apple and Victoria's Secret, but we also have very strong relationships with the likes of the H&M brand COS, Ted Baker, Reiss and Mango, as well.

"In the dining space, we work with some leading brands such as Byron and Five Guys as well as many others, so we will be working with those people and others," he added.

"We know that those who aren't already in Ireland want to be there, and Dundrum will be top of their list," Mr Atkins claimed.

If Hammerson succeeds in bringing a slew of new names to Dundrum, it will likely make the extension of the shopping centre a pressing priority.

The shopping centre itself is more than 98pc occupied, and throws off rent of about €60m per year.

With many of the retailers in situ already signed up to long leases, there is little scope to bring in a huge number of top tier tenants quickly.

As part of this sale, Allianz and Hammerson have also taken effective control of a site adjacent to the Dundrum centre itself.

That site has long been earmarked as being ripe to build a new portion of the Dundrum Town Centre, but planning permission for the site has lapsed.

That leaves the buyers having to put together a new planning application, but any development there will likely face strong opposition from within the local population.

Irish Independent

Also in Business