The level of footfall at Northside Shopping Centre looks set for a significant boost following the addition of two new names to its occupier line-up.
In the first instance, Tesco has agreed a deal to occupy the scheme’s former SuperValu unit. The supermarket giant will commence refit works of the 21,900sq m (235,730sq ft) store in the coming weeks and is expected to open for business in early summer.
In addition, Northside Shopping Centre has secured Danish discount retailer, Normal, for the 700sq m (7,535sq ft) unit occupied formerly by Iceland. Normal has signed a new lease on the premises and will open for business within the next four weeks. The brand, known for offering everyday essentials at low prices, was represented in its negotiations with Northside’s owner, AM Alpha, by Chris Bogle of Bogle Estates.
Olaf Deistler, director of asset management at AM Alpha said: “The lettings to Tesco and Normal are a strong endorsement of Northside Shopping Centre and the catchment it serves. We are actively shaping a retail mix that drives footfall and performance – and we see further opportunity for quality brands to benefit from the centre’s renewed momentum.”
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Extending to 16,757sq m (180,375sq ft), Northside Shopping Centre comprises 76 retail units. The centre’s anchor tenant, Dunnes Stores, rents its premises (unlike most of its stores around the country, which it typically acquires).
Other major retailers trading at Northside are Heatons, Unicare, Euro General, Sportsworld, Northside Opticians, Café Misto Food Court and KFC.
Savills and Agar Commercial Property Consultants are the joint letting agents, while TWM assists AM Alpha in the asset management of the centre.
AM Alpha acquired Northside Shopping Centre for about €50 million in 2019. The transaction is understood to have delivered a significant return for the vendor, Patron Capital, on the price it paid for the Coolock property as part of its purchase of the Project Drive portfolio from Nama in 2014.
While the loans associated with the portfolio of north Dublin developer Brian O’Farrell had an outstanding balance of €228 million, Patron secured ownership of Northside Shopping Centre and numerous other assets including a retail centre in Poland, a potentially valuable development site in north Dublin and a large house in the K Club for just €49 million – a discount of 78.5 per cent.
