Tesco is set to expand its existing retail operations at the Stillorgan Shopping Centre in south Dublin, following the agreement of a 25-year lease with owner Kennedy Wilson Europe.
Construction work on the site has already commenced, and will provide Tesco with a new 11,000sq ft extension, which is expected to finish before the year-end.
Tesco already operates three units at the shopping centre – an off-licence, a homestore and a supermarket – and it’s expected the move to the new expanded site, which lies to the side of its existing supermarket on the Kilmacud Road, will allow it to consolidate its three units into two.
Tesco has signed a 25-year lease (15 years term-certain) with owner Kennedy Wilson, which has significant plans for the area.
It acquired the centre in 2013 as part of a € 306 million portfolio acquisition, and subsequently completed the € 15 million acquisition of the neighbouring Leisureplex bowling alley.
In addition to the new extension, Kennedy Wilson is spending about €15 million on a revamp of the centre, including replacing the existing canopies with a big canopy over the centre to weatherproof it and change the facade.
