Danish fashion chain gets 53% cut on Grafton Street rent
Eleven months after La Senza ceased trading at 43 Grafton Street, Dublin 2, the shop has finally been re-let at less than half the original rent.
The Danish women’s fashion multiple Only has agreed a rent of €305,000 per annum for the well- located outlet rather than the €650,000 paid by La Senza up to the time it was put into administration before finally closing last January.
The shop is regarded as ideal for the fashion industry with a ground floor retail area of 216sq m (2,325sq ft) and overall space of 408 sq m (4,400 sq ft) on five levels.
Only is part of the Bestseller Fashion Group which also trades as Jack Jones and Vera Moda. It will be the eighth Only store in Ireland with four others elsewhere in Dublin and one each in Cork, Clonmel and Carlow.
Another similar outlet is also to open before Christmas at the McDonagh Junction shopping centre in Kilkenny. In this case, the tenant will have the option of paying a rent of €55, 000 per annum or 8 per cent of turnover, whichever is the highest, for the shop which will extend to 510sq m (5,500sq ft).
The Bestseller group is planning to expand its operation in a number of cities as well as in some of the best performing shopping centres.
Gareth Shiells of Saville advised the tenant on both instances and Edmund Douglas of DNG represented the landlords.