Retail chains cashing in on market conditions
Retail chains, both Irish and international, are taking advantage of the current market opportunities to expand their networks.
Homestore and More, the Irish chain of housewares providers, is taking the last remaining unit in Drogheda Retail Park which is located on the Donore Road, adjacent to the M1 Motorway and approximately 2km from Drogheda Town Centre.
The chain will occupy a 2,136sqm unit which will be the chain's eighth Irish store and this one is due to open in August. The company is also actively seeking two more stores in or around Cork City.
CBRE represented Homestore and More and Bannon Commercial acted for the landlord, the DDS property partnership which had been quoting a rent of around €14-€16 per sq ft.
Bannon's are also seeking a tenant for the former Opel showroom in the park following the appointment of a liquidator to the motor dealer.
Footfall in the park is also expected to benefit from the arrival of Blackstone Motors to the former Lakeland Dairies site adjoining the park which is owned by members of the partnership.
Global frozen yogurt and smoothie franchise chain, Yogen Fruz plans to open a further 10 retail outlets in Ireland over the next 12 months and it is seeking stores, mall units or kiosks initially in major cities such as Dublin, Cork, Galway and Limerick.
This was announced by agents Knight Frank Ireland (KFI) after the acquisition of its first kiosk in the Republic at The Jervis Street Shopping Centre, Dublin, on a new four years nine months lease at a rent of around €40,000 per annum.
"It's a new global brand for the southern Irish market and one of the world's internationally recognised fastest growing franchise operations, so we are delighted to be acting for them and to have got them off to a strong start here by securing this first ideally located store in a prime Dublin shopping mall," said Paul Shine, retail surveyor at KFI.
Yogen Fruz, which has over 1,200 stores in 25 countries worldwide and opened its first Irish outlet in Belfast's Victoria Square Shopping Centre last December.
Agents Savills received a bid in excess of the €400,000 reserve for a former Co-op Superstore in the centre of Fermoy town in Co Cork.
The bid came after last Friday's auction at which there were no bids.
The 1,620sqm building comes with an enclosed concrete yard, which was used as a garden centre, as well as 22 car spaces which can be accessed from the rear of the property.
Meanwhile in Portmarnock, Co Dublin, Bord Pleanala has refused planning permission for a discount store at the Grange Road project being developed by Helsingor, a sunsidary of Ballymore Properties.