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Just over seven years on from its shock closure and the loss of 460 jobs, the landmark Clerys premises on O’Connell Street is gearing up to welcome a new generation of shoppers through its storied doors.
While much of the redeveloped and rebranded Clerys Quarter will be given over to offices and other uses, Flannels – a premium clothing retailer within billionaire Mike Ashley’s Fraser Group – has signed a deal to occupy half of the scheme’s 5,575sq m (60,000sq ft) of retail accommodation. The remaining 2,787sq m (30,000sq ft) has been chosen by Swedish fashion giant H&M as the location for its latest and largest store in Dublin city centre.
The developers of the Clerys Quarter - Europa Capital and its local partners, Derek McGrath’s Core Capital and Paddy McKillen jnr’s Oakmount – confirmed the agreement of the two deals in a statement this morning. The negotiations between the parties were first reported on by The Irish Times last September.
Commenting on the planned openings of Flannels and H&M, Jason Oram, partner and fund manager at Europa Capital, said: “The refurbishment of the former Clerys department store will transform this area of the city into one of Dublin’s premier destinations, and is a fantastic case study for the repurposing of pure retail assets for the future.
“The leasing of two anchor stores to high-profile brands demonstrates the strength of the location in the heart of Dublin, as well as the appeal of Clerys Quarter as a mixed-use scheme. 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, food and beverage occupiers and businesses alike.”
Destination of choice
Derek McGrath, managing director at Core Capital added: “Positioning Clerys Quarter as a destination of choice in Dublin city centre was a key focus for us in this iconic redevelopment and we believe the addition of Flannels and H&M as anchor tenants deliver on that focus. As destination retailers they will attract significant footfall to both the development and wider area. Tenants of this calibre combined with our exciting food and beverage offering will provide consumers with a unique shopping experience in the city centre. We will be launching our food and beverage immediately and look forward to opening our doors to the public later this year.”
Europa Capital, Core Capital and Oakmount were advised on the lettings by Kevin Sweeney in Savills.
Due for completion in the final quarter of this year, the overall Clerys scheme will also comprise 8,600sq m (92,600sq ft) of new grade-A office space across two buildings, a 1,670sq m (18,000sq ft) panoramic rooftop restaurant, bar and events venue, five new food-and-beverage units, including the newly refurbished tea rooms, and a new 213-bedroom four-star hotel .
The grand staircase within the former Clerys department store meanwhile is being restored to its original condition to provide the centrepiece of the scheme’s ground-floor shopping area. The store’s famous tea rooms will also reopen for business.
Original design
The proposed works are described by the Clerys Quarter’s architects, Henry J Lyons, as a “key element” of plans for the building, the original design of which had been based on Selfridges’s flagship store, on Oxford Street in London.
In terms of its sustainability, the O’Connell Street scheme 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.
While the letting agents for the Clerys Quarter have yet to make an official announcement in relation to its office occupiers, Paddy McKillen jnr and Matt Ryan’s Press Up Entertainment Group will operate the development’s rooftop bar and restaurant, which will be known as The Clery.