Retail park will be massive boost

Dundalk has always been a town with aspirations. One only has to look at its courthouse - built in 1819 and modelled on the Temple of Theseus in Athens, Greece, no less.

And in that same spirit of thinking big, a vast retail park by Finnabair Estates is under construction on an 80-acre site off the Inner Relief Road which is expected to help revitalise the fortunes of the town and attract some of the big UK multiple names.

"It will be a massive boost to Dundalk. Its location on the main Dublin to Belfast route will be key to its success as will the completion of the new motorway network," says local auctioneer Philip Gunne.

"We are waiting to get the anchor tenant signed up before we can move ahead. It is envisaged that construction will be well underway by next Spring."

The first phase will provide over 220,000 sq ft of retail space, and comprise a small residential element.

This area of Dundalk has established itself as a hub of manufacturing and software development.

The new Science Services Centre promoted by Dundalk Enterprise Development Co Ltd is also adjacent to the Dundalk Inner Relief Road. Part of the Finnabair Industrial Estate, immediate neighbours include Quantum, Heinz, Panasonic and ICL. Xerox Technology Park is also in the vicinity.

The Science Service centre is in its first phase of 20,000 sq ft , with eight out of 20 units let. Rents in the region of £10 to £12 (€12.70-€15.24) per sq ft.

Another ambitious project that has received planning permission from Dundalk Urban District Council is the revamp of Dundalk Racetrack on the Racecourse Road in Dowdallshill, which is expected to cost in the region of £50 million (€64m).

Dundalk Racing 1999 Ltd is demolishing the old stadium and building a state-of-the art replacement with bars and restaurants.

To finance the redevelopment, they are selling off a chunk of land with planning permission for a 70-bedroom hotel , conference centre, leisure facilities and a mixed residential element of dormer style houses and apartments.

Another boon to the town has been Irish Life's announcement that it is to open a call centre on the Finnabair Industrial Estate, creating 150 jobs

On the retail front, premises on what Philip Gunne refers to as "the golden strip" from Clanbrassil Street to mid-Park Street rarely come on the market.

Over the past decade, new retail opportunities have been mainly in the Long Walk and Carroll Village shopping centres built by Parolen and in the clusters of boutique-sized outlets on some secondary streets.

The Carroll Village shopping centre was built two years ago on the site of the old Carroll's cigarette factory and commands rents in the region of £35 (€44) per sq ft.

Its £10 million (€12.7m) anchor store, Superquinn, is reputed to have captured the lion's share of the local market, helped by the gradual return of Northern shoppers after the foot and mouth crisis. Other tenants include McCabes Pharmacy, McDonalds, Sasha, Budget Travel and Bus Stop.

There are still two units available in the centre, which come with 10-year double rent and rates reliefs and a 500-space car-park

The old Monarch-built Dundalk shopping centre on the outskirts of the town is still trading but has been on the market through Douglas Newman Good for some time. They say there are several parties interested in the property.