Former Debenhams flagship on sale with €75m information

Debenhams’ two former flagship retailers in Dublin’s Henry Avenue and Cork’s St Patrick’s Street are now up for sale, with price tag guides of €55 million and €20 million respectively.

Hey, it truly is remaining sold by Grant Thornton’s Nicholas O’Dwyer, who was appointed receiver of the houses by the Bank of Ireland before this year. The qualities are owned by organizations managed by associates of the Roche household that possess the Roche office keep chain. They sold nine retailers to manner chain Debenhams for €29m in 2006, but Roche retains residence ownership in Dublin, Cork, Limerick, Tralee, Galway and Waterford , and leased it to Debenhams.

Debenhams shut its Irish retail functions in March 2020 and all but these two suppliers have been offered or leased to other tenants.

The Dublin retail store at 54-62 Henry Avenue consists of a 4-story basement of 210,000 square feet with 200 toes of avenue frontage and is reverse Arnott Department Shop. It also has obtain to the Ilac Middle.

The Zara style chain occupies 3 floors of its Henry Avenue shop of somewhere around 20,000 sq. toes and pays turnover primarily based on a license with its landlord.

Karl Stewart of Cushman & Wakefield, who oversaw the sale, reported the Henry Street developing supplied “sizeable prospects to lease or reconfigure/rebuild”.

To charm to the developer, HKR Architects built two choice mixed-use 9-storey schemes for the home. One of these is a refurbishment alternative, with an believed 185,000 square feet of retail house on four flooring and basement, with 98 residences earlier mentioned. Separately, HKR’s redevelopment proposal proposes 152,000 sq. ft of retail room on a few flooring additionally the basement and 116 apartments over.

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The former Debenhams store on St Patrick’s Street, Cork

Found at 12-17 St Patrick’s Street, the Cork house has a 150-foot façade on the city’s key procuring street, and sits on 1.32 acres with just about 153,000 square feet. It also has entrance Mailer Avenue.

Peter O’Flynn of Cushman & Wakefield in Cork stated the site was acceptable for redevelopment. HKR Architects built a blended-use plan that includes 54,000 square toes of retail house and the rear of a hotel with 47 apartments and 220 bedrooms.

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