Ownership change and redevelopment for Stephen Greens Shopping Centre

stephens green

Stephens Green Shopping Centre will undergo an expansive redevelopment as the centre’s ownership will change. Irish Life is currently the majority shareholder with 73%, will sell 35.4% of its interest with the expectation that it will trigger change. These include a new layout which will accommodate five large new fashion stores and a nine screen rooftop cinema.

Currently there are 90 shops over 3 levels which produces an annual income of €6.2 million and a further €2.2 million from the 1,200 space car park. However, over the years the shopping centre has failed to capitalise on its prime retail ground, residing on the top of Dublin’s most revered shopping avenue. Irish life has failed to invest in the shopping centre to date and have been reluctant to plough in funds. Currently there are a string of fashion traders waiting for suitable premises on Grafton Street.

One of the problems has been the over-reliance on kiosks, which drown floor space and continually grow in numbers, currently standing at 20. The new ground floor layout will include a central pedestrian aisle and more spacious outlets, utilising centre space.

The current owners of the centre have already secured planning permission to develop a €10 million, nine-screen cinema on the roof of the centre, with a seating capacity of 1,612. It will be the only cinema in the south inner city. The opening of the cinema was to have coincided with a remodelling of the second floor to accommodate a wide range of restaurants and coffee outlets.

Source: http://www.irishtimes.com/business/commercial-property/ownership-change-for-stephen-s-green-shopping-centre-1.2276461