British Land subsidiary Firmount Ltd and Irish Life Assurance plc today announced details for the redevelopment of the landmark ILAC Shopping Centre that will see it receive a major upgrade at a cost in excess of â¬50 million.
The redevelopment of the 22,750 mÂ² center, which will be phased to restrict disruption to the minimum during shopping hours, will result in a state of the art shopping centre. The redeveloped center is expected to attract leading international retail brands and further enhance the Henry/Mary Streets offering as the City Centreâs premier retail destination.
The redevelopment plans, designed by specialist retail architects Benoy, includes the refurbishment of 3,700 mÂ² of existing space presently occupied by Dunnes Stores in Moore Mall. The ILAC owners will take back this space under a swap arrangement with Dunnes Stores. This will involve Dunnes Stores extending its Henry Street store into ILAC Centre at Moore Mall and Central Square. As a result the new Dunnes Stores unit, which will straddle Sampsons Lane, will trade over four levels. The former Dunnes unit will be redeveloped by the ILAC owners into a number of large units of a size that will attract premium tenants and anchor Moore Mall as a stronger retail destination to increase customer traffic to the centre. Final completion is expected to be Spring 2007.
The first phase of the redevelopment will see H&Mâs City Centre flagship store open in Autumn 2005 occupying 1,300 mÂ² over two levels in the former Easons outlet on Maryâs Mall/Mary Street. The redevelopment will see the replacement of all entrances and facades to give an enhanced street presence including new graphics and signage. Raising the roof, replacing the floor and the removal of plant rooms spanning the malls will improve sight lines and create a sense of space and light. The redevelopment will also improve the configuration of Central Square and Lift Square with a new ventilation strategy and the addition of food offers and new customer facilities to the center.
The redevelopment adds to the recent regeneration of the area, including the Roches Stores redevelopment incorporating Zara and the construction of Moore Street Plaza, a mixed retail and residential development on the corner of Moore Street and Parnell Street. The plans for the ILAC Centre will also tie in with the overall Integrated Area Plan for OâConnell Street and the anticipated regeneration of Moore Street. The advent of the Luas together with the existing bus and Dart services and the Ilac multistorey car park makes the ILAC Centre a highly attractive and accessible location for retailers. The current footfall of almost 13 million per annum is expected to increase further.
According to British Land Corporation Director Merrick Marshall, this announcement is good news for both the customers and tenants of the centre. He said, âThis extensive redevelopment will create a completely different atmosphere in the ILAC Shopping Centre and bring the scheme into the 21st century. It will provide extra facilities and amenities not only for the tenants, but also for the millions of customers who visit the center every year. It will complement the other regeneration works in the area and confirm Henry Street/Mary Street as the premier destination and shopping district in Dublin.
The upgraded ILAC Centre will attract Dubliners, those living in the greater Dublin area and commuter belts as well as visitors to Dublin. â
A spokesman for Irish Life added that âthe redevelopment of Ilac will further enhance Irish Lifeâs property portfolio and will be warmly welcomed by investors in Irish Lifeâs property funds.
Source: British Land