More than 90 per cent of the retail space in a new shopping complex under construction at Swords in north Dublin has already been let three months before its opening date.
The first phase of The Pavilions will have 285,000 sq ft on two levels with Dunnes Stores and Superquinn occupying the two anchor stores.
It is the only major new shopping centre due to be completed in the Dublin area this year. The initial phase will have an end value of around £110 million.
With such a high proportion of the space already committed, the developers, Flynn & O'Flaherty Dublin Ltd, are confident that it will be fully let before it opens to the public.
The tenant line-up will include international traders such as Mango, Benetton and Vera Moda. There will also be strong Irish representation from traders like Sasha, Pamela Scott, Japan and Champion Sports, together with large space users such as Easons, Boots, Dixons and Mothercare. Kylemore Bakery will trade out of the main catering outlet. The strong demand for shops has pushed Zone A rents up to £140 per sq ft - positioning them almost 50 per cent higher than the historic rents achieved at Blanchardstown Town Centre four and a half years ago. They are also on a par with rents posted at Liffey Valley two and half years ago. The joint agents, Hamilton Osborne King and Lambert Smith Hampton, have agreed premiums in several cases at Swords. The agents are now releasing the few remaining shops.
Both Dunnes and Superquinn will own their stores. Dunnes will have 80,000 sq ft with a supermarket on the ground floor and a department store overhead. Superquinn, which has operated the main supermarket in Swords for many years, will have a floor area of 40,000 sq ft in the new complex.
The completed development has been pre-sold to the Eircom Superannuation Fund for around £85 million. The fund, which is advised by Irwin Druker of Druker Fanning and Partners, has acquired a reputation for purchasing new developments at an early stage to reap the full benefits.
Designed by architects O'Muire Smyth and built by Sisk under a £50 million contract, the centre will have a striking appearance with high quality finishes and a spectacular atrium, giving a sense of space and light.
The overall design is proving popular with traders, who have competed for the 50 shop units on two levels. This has allowed the developers to arrange a good tenant mix with high quality and discretionary spending outlets concentrated on the upper level mall. The ground floor mall will be focussed more on convenience and comparison goods.
With three anchor stores in all, totalling 145,312 sq ft, and 50 individual shop units, The Pavilions will have around the same volume of retail space as Liffey Valley. It will also be fairly similar in size to Nutgrove and the ILAC centre and will have 1,600 car-parking spaces.
The opening of the first phase of The Pavilions will help Fingal County Council to fulfill its ambition of transforming Swords into a county town. Only months after the council moved into its stunning new County Hall, The Pavilions will provide a much needed extension to the town's main street and create a focus for the fast expanding residential and business communities in Swords and around Dublin Airport. A surface metro terminal is due to be provided close to the new shopping centre.
A planning application for the second phase of the development on the 20-acre site provides for retail, office and hospitality developments around a civic square area which will link the centre to the main street. This element of the scheme is due to be completed late next year.
The developers have not yet indicated what the third phase will include but it seems inevitable that it will have a strong retail, services and commercial bias. That phase is expected to coincide with the opening of the M1 extension from Dublin Airport to Balbriggan, which will divert much traffic from the Swords by-pass.
