Premium fashion group Flannels, part of Mike Ashley's Fraser Group, has signed a deal to occupy half of the retail space that will be available at the redeveloped Clerys store site on Dublin's O'Connell Street.
The remaining 2,787sq m (30,000sq ft) has been chosen by Swedish fashion giant H&M as the location for its latest and largest store in Dublin city centre.
The developers of the Clerys Quarter – Europa Capital and its local partners, Derek McGrath's Core Capital and Paddy McKillen jnr's Oakmount – confirmed the agreement of the two deals in a statement on Thursday.
Commenting on the planned openings of Flannels and H&M, Jason Oram, partner and fund manager at Europa Capital, said: “The leasing of two anchor stores to high-profile brands demonstrates the strength of the location in the heart of Dublin, as well as the appeal of Clerys Quarter as a mixed-use scheme.
“Encouragingly, we are seeing signs of recovery in the leasing market since the start of the pandemic, and we are confident that Clerys Quarter’s location and fantastic transport links will lead to strong demand from further retailers, food and beverage occupiers and businesses alike.”
The announcements come just over seven years after the shock closure of the department store whose original design had been based on Selfridges’s flagship store in London. The shutdown led to the loss of 460 jobs.
Derek McGrath, managing director at Core Capital, said the group looked forward to opening its doors to the public later this year.
“Positioning Clerys Quarter as a destination of choice in Dublin city centre was a key focus for us in this iconic redevelopment, and we believe the addition of Flannels and H&M as anchor tenants deliver on that focus. As destination retailers they will attract significant footfall to both the development and wider area,”
Due for completion in the final quarter of this year, the overall Clerys scheme will also comprise 8,600sq m (92,600sq ft) of grade-A office space across two buildings, a 1,670sq m (18,000sq ft) panoramic rooftop restaurant, bar and events venue, five new food-and-beverage units, including the newly refurbished tea rooms, and a new 213-bedroom four-star hotel .
“The refurbishment of the former Clerys department store will transform this area of the city into one of Dublin’s premier destinations, and is a fantastic case study for the repurposing of pure retail assets for the future,” said Europe capital’s Mr Oram.
While the letting agents for the Clerys Quarter have yet to make an official announcement in relation to its office occupiers, Paddy McKillen jnr and Matt Ryan’s Press Up Entertainment Group will operate the development’s rooftop bar and restaurant, which will be known as Clerys Rooftop Restaurant.
Europa Capital, Core Capital and Oakmount were advised on the lettings by Kevin Sweeney in Savills.