Swedish fashion giant H&M, high-end clothing retailer Flannels and hospitality group Press Up are set to begin the fit-out of their units at Clerys Quarter on the site of the old Clerys department store following the completion this week of the construction phase of the project.
The two 30,000 sq ft retail units in the O’Connell Street, Dublin, development have been handed over to H&M, the fast-fashion brand aimed at young consumers, and Flannels, part of Mike Ashley’s Frasers Group, while Paddy McKillen jnr and Matt Ryan’s Press Up group is also expected to shortly begin fitting out the building’s rooftop bar and restaurant, which will be called Clerys Rooftop Restaurant.
Derek McGrath, chief executive and owner of Core Capital – one of the developers involved in the scheme – said the fit-outs were expected to take “three to four months”, meaning Clerys Quarter is now due to open to customers in September or October, ahead of the busy Christmas trading season.
Leases have been agreed with three smaller food and beverage operators, which are also on track to open in the autumn, while negotiations are continuing in the case of the two remaining small food and beverage units. Due to the agility of smaller operators, it is likely they will be able to begin trading at the same time, Mr McGrath said.
The redevelopment of the former Clerys building has been subject to several delays prompted by pandemic lockdowns, the labour-intensive nature of the project and supply chain issues across the construction industry.
Mr McGrath said the developers were “in dialogue with different tenants” about leasing some 64,100 sq ft in office space located on three floors above the retail areas in the main Clerys building. An additional 28,000 sq ft of office space in the Earl Building, facing on to North Earl Street, has been sold to an owner-occupier in a deal set to be announced in the coming weeks.
Construction is also due to begin on the Premier Inn hotel destined for the Clerys Quarter site after its owner recently received planning permission from Dublin City Council for an expanded nine-storey, 229-bedroom hotel.
The developers behind Clerys Quarter are pan-European investment manager Europa Capital and its two local partners, Core Capital and Mr McKillen jnr’s Oakmount. Europa Capital acquired the former Clerys premises in 2018 from Deirdre Foley’s Natrium consortium for a sum reported to be in the region of €63 million.
Natrium bought Clerys and its property portfolio for about €29 million in 2015, abruptly shutting down the 170-year-old department store soon afterwards with the loss of more than 460 jobs.
