French Connection assigns lease of Dundrum centre store

The fashion chain French Connection has assigned the lease of its store at Dundrum Town Centre where it has traded since the centre opened 13 years ago.

The retailer had been paying a rent of €372,000 for the second-floor unit of about 343sq m (3,692sq ft). Moss Brothers, the menswear specialists, plan to move into the vacant unit later this year.

Aiden McDonnell of Colliers International, who handled the Dundrum assignment, is also seeking replacement tenants for the French Connection shops in Blanchardstown Town Centre and Patrick Street in Cork. The Blanchardstown rent is €455,000 on a lease with 12½ years unexpired while the Cork tenancy costs €295,000 per annum on a lease with 6½ years unexpired. McDonnell has offered to "incentivise" the two transactions provided the incoming tenants are acceptable to the two landlords.

Letting agents frequently contend that a reverse premium equates to the standard three to six months rent-free periods generally offered to income tenants.