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Revamped for €50m, now CHQ's up for sale at €10m

UP FOR GRABS: The CHQ building in Dublin's docklands

A €10M PRICE tag has been put on the CHQ building in Dublin's docklands – a fifth of what it cost to refurbish the premises.

When it opened, CHQ was hailed as Ireland's most exclusive shopping centre but it is now the retail equivalent of a ghost estate.

A former bonded warehouse, it cost the Dublin Docklands Development Authority (DDDA) €50m to renovate.

Only 20pc of its 100,000 sq ft retail space is now occupied and it generates rents of around €500,000 a year.

 

Rebrand

Its total floor area extends to 150,000 sq ft.

It is expected any new owners would rebrand the centre so it could generate a strong leisure trade, which would appeal to tourists and delegates visiting to the nearby National Convention Centre.

Located in the heart of the International Financial Services Centre (IFSC), the centre attracts a substantial lunchtime trade from the many offices located in the vicinity.

But the building has been less than half full since 2010.

Several closures have taken place in recent months and the shopping centre has been up for sale for almost a year.

Following the departures of ladies fashion boutique Fran & Jane and homeware store Meadows & Byrne in recent months, Louis Copeland is now the only fashion retail store left in the shopping centre.

It was put up for sale last March and is still on the market after the commercial semi-state body failed to receive a buyer.

Speaking on behalf of DDDA, Duncan Lister of Lisney told the Herald: "We are looking at all of our options, everything from selling up to different types of uses for the building and we will know more in the coming weeks."

Master tailor Louis Copeland told the Herald that he plans to stay on even as fellow retailers desert the upmarket shopping centre.

"We do well because we get a lot of passing trade with the people who work in the surrounding buildings and they all need suits," he said.

"Business definitely builds up from this type of customer and we are happy to stay here."

comurphy@herald.ie


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