JACK FAGAN Commercial Property Editor
A key trading opportunity on Dublin's Henry Street has come on the market with the decision by the Arcadia Group to offload its lease of the long-running Evans store which specialises in plus-size clothing and accessories for women.
The UK trader is undoubtedly aware that it will have to pay a considerable reverse premium to disengage from its 35-year full repairing and insuring lease because not alone is the store over-rented but the lease has another six years to run.
Agents CBRE,who are acting for the tenant, have indicated that the shop is available either on a sub-lease or assignment basis, adding that “incentives are available subject to covenant status”.
For all that the shop is among the best on the street, with an overall floor area of 965sq m (10,393sq ft) over five levels.
The ground-floor retail area extends to more than 229sq m (2,471sq ft) and there is a further 142 sqm (1,528sq ft) of retail space at first floor level.
Arcadia is paying a rent of €865,000 for 42-43 Henry Street, considerably more than its neighbour, Mango, has negotiated for a considerably larger premises owned by Irish Life at 45/47 Henry Street.
The Spanish high-street brand is paying €680,000 for what is acknowledged as one of the best retail outlets on Henry Street, with a ground and first floor retail area of 1,007sq m (10,840sq ft) as well as 836sq m (9,000sq ft) for storage, offices and staff facilities.
One retail agent said that while there was a considerable number of ongoing inquiries for stores on Henry Street, most traders were looking for standard size shops.
However, he expected that the recent pick-up in retailing would attract some of the big-name traders who would be prepared to pay the relevant market rent for the Evans outlet rather than current rent.
Henry Street generally is expected to benefit from the opening last Friday of the new TK Maxx store in the ILAC centre.
Apart from the Evans store, Arcadia has three other shops in the nearby Jervis Centre, Top Shop/Top Man, Dorothy Perkins and Miss Selfridge, all of which appear to be trading well.
