The jewellery specialist Pandora is about to switch to a higher-profile retail premises on Dublin’s fashionable Grafton Street.
The Danish jewellery manufacturer and retailer is to move from 35 Grafton Street to number 87, the former 02 outlet next door to Brown Thomas.
02, whose Irish business was recently taken over by Three, faces the prospect of having to subsidise the rent for the best part of 13 years left on the lease.
The shop, with a ground floor of around 99sq m (1,000sq ft) as well as storage space on other floors, is grossly over-rented at €538,000 per annum.
An entirely new letting of the premises would only attract a rent of around €300,000 per annum.
New standard
Keiron Diamond of agents Donal Ó Buachalla who advised Pandora, said the fit-out would set a new standard for retailers on Grafton Street and would make a major contribution to “restoring quality to Grafton Street, the premier shopping street in the country.”
Bernadine Hogan of CBRE, who acted for 02, said a number of quality, branded retailers had shown interest in the shop but there could only be one successful bidder.
“Occupier demand is improving . . . it is important for us to get the right tenant with a successful track record and a fantastic customer following,” said Ms Hogan.
