The retail sector in Galway city centre has seen rapid expansion over recent years and shoppers no longer have to travel to Dublin for UK multiples like Boots, Next and Top Shop.
The new £40 million Edward Square development which opened right in the heart of the city last month has attracted Oasis, Next, Top Shop and Evans and the past year has also seen the opening of Boots and River Island on the city's main shopping thoroughfare at Shop Street.
Edward Square also boasts a 64,000 sq ft three-storey Dunnes Stores and A Wear has left its Eglinton Street premises for a spacious new outlet in the new complex. The Eglinton Street store has been taken over by Moons which will also be undergoing some changes soon when it inherits the prestigious Brown Thomas name.
Traders at Edward Square have reported a very busy first few weeks and the new development has also brought increased trade into the existing Eyre Square Centre. The new complex links the Eyre Square Centre with the pedestrianised William Street/Shop Street area through Dunnes Stores.
Developer Gerry Barrett of Radical Properties predicts that it will be August or September before the market area at Shoemaker's Lane is opened. This will consist of 12 permanent units and it is hoped that about eight mobile units will be available for weekend trading. Mr Barrett is leasing all of the Edward Square units and rents are running at about £50 per sq ft. The development also comprises 40 apartments above street level, but he has not yet decided whether to sell or lease them. The prime location of the development would certainly attract a very high rental income.
One of the conditions of Mr Barrett's planning permission was that he purchase the basement area of the Eyre Square Centre and develop a heritage centre there. He already has planning permission for a heritage centre but has submitted a new application for permission to build a 30,000 sq ft interpretative centre which would give the project a wider scope and make exhibition space available to a wide range of local groups.
The Eyre Square Centre celebrates its tenth birthday this year. Its anchor, Supervalu supermarket, is currently undergoing refurbishment to compete with the new Dunnes Stores foodhall at Edward Square.
Zone A rents on the main street, from Williamsgate Street through William Street to Shop Street, range from £60 up to as much as £100 per sq ft. The past year has seen Boots move into the former Naughton's Shop on Shop Street and River Island move into the former O'Connor's TV Store across the street.
The only other property available on this prime stretch at the moment is the former John Ryan Travel premises at Williamsgate Street. After 32 years of successful trading, the Ryans have moved to a custom built telecentre above another premises on Williams Street and its old premises, which comprises 800 sq ft at ground floor level and 650 sq ft at basement level, is up for letting.
The premises is reputed to have been taken by a major retail outlet, but letting agents Cunningham Auctioneers are remaining tight-lipped about the deal.
Five minutes walk from the city centre, TBD Developments is completing redevelopment of the site of the former Higgin's Garage premises at the Headford Road. The German supermarket chain Lidl and Argos have each taken a 13,000 sq ft unit.
The mixed retail, office and residential units comprise 24,000 sq ft of offices with superb views over the Corrib and car-parking which is available in 6,000 sq ft units. Letting agents are Cunningham Auctioneers.
ACROSS the Headford Road at the Galway Retail Park, there were some changes at the end of last year when Curry's opened its 20,000 sq ft retail outlet and O'Connor's Incredible Planet was taken over by Electricworld. PC World are now reputed to be taking over the large Delaney Carpet and Furniture store.
German discount supermarket chain Aldi will be opening its new premises on the former Farah factory site at the Seamus Quirke Road during the summer. The site is currently being redeveloped for commercial and retail use.
With the lack of retail space in the city centre and a growing suburban population, local property experts predict a lot of development in the suburbs - like the Westside and the Joyce shopping centre in Knocknacarra within the next five years.
Kenny Development has been granted planning permission for a £6 million complex at the Western Distributor Road, comprising a 60-bedroom hotel, shopping centre and leisure centre and a £12 million development on a 19-acre site across the road at Kingston, comprising 60,000 sq ft of office and technology space.
Construction on this project, which will cater for the Knocknacarra area, is expected to begin soon. The area's population has grown to over 10,000 over the past decade.
On the east side of the city, an application has been made for planning permission for a shopping centre, seven screen cinema complex and 40-bedroom hotel at the Briar Hill roundabout at Ballybrit. Permission has been granted for over 1,000 new houses in the area and the proposed complex would cater for the new residents.
Galway is Ireland's fastest growing city outside Dublin, and now has a population of over 57,000. The city has experienced a massive increase in employment.
