Loake Shoes buys Palais des Thés lease on Wicklow Street

The highly rated French tea company, Palais des Thés, is closing its shop on Dublin's Wicklow Street after selling its lease to the UK's Loake Shoes.

The tea company has traded on Wicklow Street since 2008 and secured key money of €75,000 for its lease of the premises which has a ground floor of 58.5sq m (630sq ft) and basement storage of 39sq m (420sq ft). The new tenant will pay rent of €78,000 a year.

The change of tenancy comes at a time when an ever-increasing number of overseas traders are looking for new business opportunities on the streets off Grafton Street.

There are few vacancies available because of the pick-up in business over the past two years. Retail rents in the city centre are also increasing rapidly after being stagnant for almost nine years.

The overseas retailers looking for new trading opportunities in the city centre include the White Company which specialises in bed linen and home accessories; Doc Martin boots and shoes; Kiko Milano, the cosmetics specialists; and Lovisa, another jewellery retailer.