Eastdil Secured and Savills have been appointed to find a buyer for the Jervis Shopping Centre in Dublin city centre. While preparations for the sale of the scheme are continuing, the Irish Times understands the centre is to be offered to the market within weeks at a guide price of about €120 million.
Developed in the early 1990s on the site of the former Jervis Street Hospital by Padraig Drayne, Paddy McKillen and Paschal Taggart, Jervis Shopping Centre extends to more than 35,766sq m (385,000 sq ft) and has more than 90 retail units, including a food court, across two storeys supplemented by mezzanine floors.
The centre’s tenant line-up features national and international retailers including Tesco, JD Sports, Boots, Timberland, Bershka, Schuh, Sunglass Hut, Currys, Diesel, Rituals, KFC, Burger King and Butler’s Chocolate Cafe.
While the centre had counted Next among its occupiers for more than 20 years, the UK fashion retailer relocated to new flagship premises nearby at 7-9 Henry Street in late 2018.
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More recently, the Jervis Shopping Centre suffered a blow with the decision by New Look to exit the Irish market. The UK discount fashion retailer is understood to have been paying about €2 million a year in rent for its Jervis store which, at 3,716sq m (40,000sq ft), was the largest in its chain of more than 1,000 outlets worldwide.
In 2017, AIB Real Estate Finance provided a €155 million loan to refinance the Jervis Shopping Centre. The seven-year loan was made available to a company controlled by Mr Drayne and Mr McKillen.
