Europa Capital and its local partners, Core Capital and Oakmount, have completed two of the most important retail deals in the market in recent years, signing FLANNELS and H&M for Clerys Quarter, billed as one of Dublin’s most iconic and exciting new mixed-use developments in the heart of the city. Due to opening in Q4 2022, the development will reignite the vibrancy of Dublin’s landmark street, with an extensive food and beverage offering, to complement retail units and Grade A offices.
The opening would mark FLANNELS' debut outside of the UK. Occupying 30,000ft² on a 15-year lease, the brand-new luxury destination will offer an unrivalled collection of some of the most coveted names in luxury fashion. H&M has chosen Clerys for what will be its largest city-centre store, also approx. 30,000ft², where customers can shop their full brand offering for the best price in a sustainable way, a leading retail destination focusing on customer experience.
In addition to H&M and FLANNELS, the completed redevelopment of Clerys Quarter will comprise approx. 90,000ft² Grade A office space, a new 213-bed four-star hotel, and a panoramic rooftop restaurant, which will house the latest venue from PressUp Group. The owners plan to bring six new food & beverage units to the market immediately, including the newly refurbished tea rooms.
Key to the redevelopment are the building’s historic features, including the collonaded facade, internal staircases, columns and ceilings and the famous refurbished Clerys clock. Clerys Quarter is targeting LEED Gold and WiredScore Platinum certification and, once complete, is expected to create around 400 new jobs in addition to the 750 construction jobs it is supporting during the works.
Jason Oram, Partner and Fund Manager at Europa Capital, commented: “The refurbishment of the former Clerys department store will transform this area of the city into one of Dublin’s premier destinations, and is a fantastic case study for the repurposing of pure retail assets for the future. The leasing of two anchor stores to high profile brands demonstrates the strength of the location in the heart of Dublin, as well as the appeal of Clerys Quarter as a mixed-use scheme. Encouragingly, we are seeing signs of recovery in the leasing market since the start of the pandemic, and we are confident that Clerys Quarter’s location and fantastic transport links will lead to strong demand from further retailers, F&B occupiers and businesses alike.”
Derek McGrath, Managing Director at Core Capital added: “Positioning Clerys Quarter as a destination of choice in Dublin city centre was a key focus for us in this iconic re-development and we believe the addition of Flannels and H&M as anchor tenants deliver on that focus. As destination retailers, they will attract significant footfall to both the development and wider area. Tenants of this calibre combined with our exciting food and beverage offering will provide consumers with a unique shopping experience in the city centre. We will be launching our food and beverage immediately and look forward to opening our doors to the public later this year.”
