€80 million mixed-use Waterford scheme nears completion

Retailing:For many years, Waterford's Railway Square - the terminus of the long-closed Tramore-Waterford railway - stood desolate, save for a few houses to one side and a garage, closed now for many years, writes Ella Shanahan.

But Phoenix-like, a new Railway Square has emerged - a mixed-use urban development which, when completed in a few months, will be worth in the region of €80 million.

Developed by Railway Square Ltd, owned by Cork property developers Roy and Dave O'Hanlon and Bill Keighry, the Square is most impressive architecturally and visually.

Local architects Fewer Harrington Lawlor and Partners have made extensive use of glass and open space, effectively lighting up what was a very grey section of the city.

The large landscaped plaza has been enhanced by the addition of riverside walkways along St John's River; a boardwalk leads to the retail section from the apartments, Castle Place, and the offices, Station House. A section of the old city walls and the old Watch Tower are to one side of the plaza.

The retail element of the development, 4,645sq m (50,000sq ft) on the ground floor, will have a 1,208sq m (13,000sq ft) Musgraves' Centra as the anchor tenant. It will be open in mid-summer.

"Not being main street or high street, the centre probably will attract a pharmacy, opticians or medical centre. It's not a fashion-type development," says Conor Purcell of letting agent Purcell Properties. But the location is "very strong from a non-main drag point of view. Two other tenants are at heads of terms agreed stage," he says.

There is provision for two or three cafés/restaurants/bar units. There also are units of 1,022sq m (11,000sq ft) and 836sq m (9,000sq ft) on the ground floor suitable for bulky goods, such as electrical or hardware. Rents on the retail floor will range from €291 per sq m (€27 per sq ft) to €377 per sq m (€35 per sq ft), depending on the size of the unit.

Much of the 2,323sq m (25,000sq ft) of office space already has been let but 650sq m (7,000sq ft) is available on the first floor and 242sq m (2,600sq ft) on the fourth floor of the six-storey complex. Rents are around €237 per sq m (€22 per sq ft); offices also are for sale at €4,144 per sq m (€385 per sq ft).

The 180 car-parking spaces in the basement are not for general sale but two spaces are on offer to rent or to buy (at €30,000), depending on whether the occupant is renting or buying.

The complex is close to "Waterford's Temple Bar" - Manor Street and Michael Street - the favoured clubbing area for the young set. So it's fitting then that many of the 100 apartments, all completed, are Section 50 units, designated for letting to students; other apartments are designated Section 23 units. Only around 10 are still available. Prices range from €260,000 for the one-beds to €325,000 for two-beds. A turnkey fitout package is on offer at €14,980.

Long starved of a decent cinema choice, the provision of an eight-screen cinema, opening in June - leased by Storm Cinemas, on the ground, first, second and third floors - will be a welcome addition to Waterford's entertainment scene.