Frasers Group plc will open the doors to its first Flannels flagship outside of the UK, at Clerys Quarter. Occupying 2,787 sq m on a 15-year lease, the are offering a vast collection of luxury fashion. H&M has chosen Clerys for what will be its largest city center store, also approx. 2,787 sq m, where customers can shop their full brand offering.
Key to the redevelopment are the building’s historic features, including the colonnaded façade, internal staircases, columns and ceilings, and the famous refurbished Clerys clock. Clerys Quarter is targeting LEED Gold and WiredScore Platinum certification and, once complete, is expected to create around 400 new jobs in addition to the 750 construction jobs it is supporting during the works.
Jason Oram, Partner and Fund Manager at Europa Capital commented: “The refurbishment of the former Clerys department store will transform this area of the city and is a fantastic case study for the repurposing of pure retail assets for the future. Encouragingly, we are seeing signs of recovery in the leasing market since the start of the pandemic, and we are confident that Clerys Quarter’s location and fantastic transport links will lead to strong demand from further retailers, F&B occupiers and businesses alike.”
Derek McGrath, Managing Director at Core Capital added: “Positioning Clerys Quarter as a destination of choice in Dublin city center was a key focus for us in this iconic re-development and we believe the addition of Flannels and H&M as anchor tenants deliver on that focus.”
In addition to H&M and FLANNELS, the completed redevelopment of Clerys Quarter will comprise approx. 8,361 sq m Grade A office space, a new 213-bed four-star hotel, and a panoramic rooftop restaurant, which will house the latest venue from PressUp Group. The owners plan to bring six new food & beverage units to the market immediately, including the newly refurbished tea-rooms.
Europa Capital, Core Capital and Oakmont were advised by Kevin Sweeney in Savills.