Shopping Centres:International fashion giant Zara will be one of the anchor tenants in the second phase of The Pavilions shopping centre in Swords, Co Dublin, which is due to open next month.
Zara, which will be paying a Zone A rent of €2,400 per sq m (€223 per sq ft) for 1,400sq m (15,070sq ft) on two levels, has shown its strong pulling power in Henry Street, Blanchardstown, Dundrum Town Centre and Whitewater shopping centre in Newbridge. It is also due to open a major store next year in a high profile retail complex under construction at the side of the St Stephen's Green shopping centre on South King Street.
Around 75 per cent of the newly created space (9,000sq m/96,875sq ft) in Swords has also been committed to traders such as Tommy Hilfiger, Champion Sports, Esprit, Diesel, Du Pareil au Meme, Butlers Chocolates, Body Shop and Yo Sushi.
The Pavilions was purchased last year for over €575 million by Chartered Land, a company controlled by developer Joe O'Reilly who also led the team which opened the Dundrum Town Centre. He subsequently sold on a 50 per cent stake in Swords to IPUT and Irish Life for a figure around €240 million. The new owners have just spent €14 million on the redesign and rebuilding of the second phase of the centre, and linking it with the adjoining Swords Central shopping centre. The number of visitors to The Pavilions has risen substantially since a new 11-screen cinema opened last December.
The adjoining Swords Central shopping centre is anchored by Penneys. That scheme is being promoted by Mall Developments (a joint venture between the Pierse Group and Duignan McCarthy) and when completed this autumn will have 14 further retail units and 125 apartments.
The linked shopping facilities will allow visitors access to the Swords Central underground car-park where there are 320 spaces available. Incoming tenants will include Ecco Shoes, McNamara Pharmacy and O'Brien's Sandwich Bar. In addition to Penneys, this element of the scheme will also have a good mix of traders who will share up to 9,000 sq m of newly completed space. The initial phase of The Pavilions has Dunnes Stores and Superquinn as anchor tenants.
It is marketed by Bannon Commercial while Swords Central has CBRE and Jones Land LaSalle as joint agents.
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