AIB signs deal for new branch premises at Frascati Centre

Bank agrees 15-year lease on 2,000sq ft unit at refurbished Blackrock shopping centre

AIB will occupy a high-profile unit at the Frascati Centre at  Blackrock in south Dublin

AIB will occupy a high-profile unit at the Frascati Centre at Blackrock in south Dublin

 

AIB is to open a branch at the Frascati Centre in Blackrock, while fit-out work is also being planned for five other units for tenants at the newly-refurbished centre.

The bank has taken a high-profile unit fronting Frascati Road of about 2,000sq ft unit on a 15-year lease at a rent in the region of €50 per sq ft.

Fit-out of the AIB’s new premises is set to begin as soon as the Covid-19 restrictions are lifted. Similar work for new tenants Blackrock Medical Centre, YogaHub, F45 Training and Pure Pharmacy is expected to resume once the Government removes the prohibition on non-essential construction work . The same applies to work on a larger unit for existing tenant Serena Boutique.

The AIB letting was negotiated on behalf of the Frascati Centre’s landlord by Johnny O’Connor of CBRE. Commenting on the deal, he said: “The AIB letting is a vote of confidence in the strength of Frascati Shopping Centre as a retail destination. The centre is poised to see a substantial new tranche of units opening as soon as public health restrictions allow.”

Frascati ’s asset and development manager, John Bruder of Burlington Real Estate, said: “The recent refurbishment and extension work cost over €30 million but has transformed this into a premier destination in south Dublin. AIB’s decision to move in to the centre marks a further step in its development.”

Food quarter

The centre now has an extensive food quarter, dedicated health and beauty zone, and extensive fashion and footwear stores. It is anchored by Aldi and M&S.

While the recent decision to put the centre’s other long-standing anchor tenant, Debenhams, into liquidation leaves a significant void, the property’s owners had sought and secured planning permission some months ago to divide the UK retailer’s premises into smaller units and is understood to be in discussions with several possible lessees.

Food Quarter tenants include McDonald’s, M&S Café, Five Guys and Kay’s Kitchen. Health & Beauty tenants include Peter Mark, Sugar Daddy & Sugar Coated of Brown Sugar Beauty Group, and Sisu. Other tenants include The Health Store, Boots, Bookstation, Carl Scarpa, Vienna Shoes, Pamela Scott, Bannon Jeweller, Vodaphone and Murray Mobile.

The refurbishment of the Frascati Centre over the past two years led to an increase in its size from 100,000sq ft to 170,000sq ft.The project was undertaken by Burlington Real Estate on behalf of the scheme’s owners, Invesco Real Estate, a global real estate investment manager.