Monday 18 December 2017

NAMA to fund €13m Charlestown project

NAMA is funding the €13m extension of the Charlestown Shopping Centre in north Dublin, which is being undertaken by the Bailey brothers.

About 200 people are expected to be employed in the construction of part of the project, a new UCI/Odeon cinema complex and leisureplex due for completion in November 2013.

The funding also includes the cost of building two drive-thru restaurants for KFC and McDonald's, which open at the beginning of next month and will employ 120 people full time.

A spokesman for NAMA declined to discuss individual projects but said the agency was always willing to commit funds to support developments where they would enhance the value of the asset and ultimately return a greater amount of money to the taxpayer.

Building work has commenced on the nine-screen cinema and the 3,700sqm Leisureplex with bowling alley and family entertainment centre.

Up to 130 full-time jobs are expected to be created in this combined facility which will extend to 9,290sqm and will also include a creche.

The last retail unit was let in phase one of Charlestown around the beginning of this year at €377 per square metre.

The developers are now seeking pre-letting agreements for the development of a further 9,290sqm of retail space and they are hoping to sign up a major clothing store chain for a chunk of this space.

Located near junction 5 of the M50, Charlestown has over 30 retailers, including Dunnes Stores, Heatons, Boots, Lifestyle Sports, Mothercare, ELC, Ulster Bank, Eddie Rockets, O'Briens, Euro Giant and Maple Moose.

Meanwhile, KFC is set to relocate another of its Dublin northside outlets within Clarehall Shopping Centre.

Currently occupying a food court unit on the second floor at the centre, KFC is relocating to a more spacious ground level premises and the 270sqm unit will also accommodate a 100-seater restaurant in addition to its takeaway.

The new KFC unit is not only about three times the size of the existing one, but also occupies a prime position, being located beside one of the primary shopping centre car park entrances.

The new premises are being leased from Clarehall Shopping Centre anchor tenant Tesco, with Knight Frank Ireland having secured the unit for KFC at a rent of approximately €70,000 per annum on a new 20-year lease.

"KFC is a worldwide brand and we are delighted to secure this new unit, however, the primary focus is still for drive-thru sites and we are still actively seeking a suitable drive-thru site in the Clarehall, Coolock, Donaghmede or Baldoyle region of north Dublin," said Paul Shine, retail surveyor at Knight Frank Ireland, who handled the acquisition for KFC.

Indo Property

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