Saturday 24 August 2019

Grafton St fully occupied for first time since 2007

Grafton Street is fully occupied for the first time in seven years
Grafton Street is fully occupied for the first time in seven years

Anne-Marie Walsh

Ireland's most famous shopping street is set to recapture the hustle and bustle of the Celtic Tiger era after gaining full occupancy for the first time in seven years.

Numbers 57 and 58 Grafton Street have been let to Life Style Sports, while number 23 is being leased to Claire's Accessories.

Estate agent Savills said the letting of numbers 57 to 58 on the busy shopping thoroughfare attracted huge interest from high-profile international retailers looking to establish or expand their presence in the recovering retail sector. It said the last time Grafton Street was fully occupied was 2007.

The estate agency said "expansionary" Irish tenant Life Style Sports will capitalise on the street's increasing sales with a new flagship store in two properties, which have been knocked into one unit.

The unit, which extends to over 14,000 square feet, has been let on a long-term lease at a rent in the region of €675,000 a year. It is set to open before St Patrick's weekend next year.

Number 23 was previously occupied by men's clothing store Dalvey and by record store Golden Discs.

Activity

Claire's have taken over the unit at number 23 on a new long-term lease - worth €220,000 a year - and are due to open for business in the over 1,000 square foot property in early December.

"We are delighted to announce these two new high-profile lettings on Grafton Street," said Darragh Cronin of Savills.

"With the return in retail spend, there has been a notable increase in the level of activity in, not just the Grafton Street area, but the entire retail market. "During this process each property received a high-level of interest from major global retailers".

But a lack of larger stores is a major issue for Grafton Street as it means many large multinational brands seeking to establish a presence are unable to find the right property. "An increase in unit reconfigurations and amalgamations will be required to provide adequate retail footprints to satisfy demand," he added. Savills said Grafton Street was Ireland's main shopping street as it has more shops, a higher footfall and longer opening hours than Henry Street on the northside.

It said there was strong demand from international fashion retailers for space on Grafton Street, but would not name them due to "commercial sensitivities".

Irish Independent

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