Debenhams’ two former flagship stores in Henry Street, Dublin and St Patrick’s Street, Cork have been put up for sale at suggested prices of €55m and €20m respectively.
They are being sold by Grant Thornton’s Nicholas O’Dwyer, who was appointed receiver by the Bank of Ireland earlier this year. The properties were owned by companies controlled by members of the Roche family, who owned the Roches Stores department store chain. They sold the nine-store chain to fashion chain Debenhams for €29m in 2006, but Roches retained ownership of properties in Dublin, Cork, Limerick, Tralee, Galway and Waterford and leased them to Debenhams.
Debenhams closed its Irish retail operation in March 2020 and with the exception of these two all stores have either been sold or leased to other occupiers.
The Dublin store at 54-62 Henry Street comprises a four-story basement with an area of 210,000 square feet and 200 feet of frontage opposite Arnott’s department store. It also has access to the Ilac Center.
Fashion chain Zara occupies approximately 20,000 square meters of the Henry Street store over three floors and pays a sales-based fee under a license with the landlord.
Karl Stewart of Cushman & Wakefield, who is handling the sale, says the Henry Street building offers “significant opportunity for leasing or even remodeling/renovation”.
To attract developers, HKR Architects have designed two alternative nine-story mixed-use buildings for this property. One of these, a redevelopment option, will provide 185,000 square feet of retail space over four floors and basements with 98 apartments above. Alternatively, HKR’s redevelopment option calls for 152,000 square feet of retail on three levels plus basement and 116 apartments above.
Located at 12-17 St. Patrick’s Street in Cork, the property has a 150-foot facade on the city’s main shopping street and occupies nearly 153,000 square feet on a site that extends over 1.32 acres. It also faces Maylor Street.
Peter O’Flynn of Cushman & Wakefield in Cork said the site would lend itself to redevelopment. HKR Architects have designed a mixed-use project with 54,000 m² of retail space and a rear with 47 apartments and a 220-room hotel.
https://www.independent.ie/business/commercial-property/former-debenhams-flagship-shops-for-sale-with-75m-guide-price-41902032.html Former Debenhams flagship shops for sale at a target price of €75m