Potential traders will be first in the queue to buy the initial offering of retail units at the Rockbrook scheme in Sandyford, writes Jack Fagan
Traders are to be given the opportunity to buy shops in a large retail development under construction in Sandyford, Dublin 18. Ten stores are to be offered for sale in the first phase of the Rockbrook development at prices ranging from €1.8 million to €7.5 million.
The Cork-based Fleming Group is well advanced on a vast residential, office and retail scheme on a pivotal corner site of 11.4 acres between the Stillorgan Luas station and the highly successful Beacon South Quarter. With site costs alone accounting for €250 million, the end value of the scheme is expected to exceed €1 billion.
Earlier this year, the Fleming Group sought a partner to fund the entire retail element - to be known as "The Boulevard" and valued at around €190 million - and, while there was interest from private equity syndicates, most of the inquiries came from traders looking for a base in Sandyford.
At that stage it was decided to seek buyers for individual retail units or, alternatively, to rent them at rates from €275 per sq m (€25.5 per sq ft) for the largest store to €450 per sq m (€41.8 per sq ft) for the smallest. The joint agents, Hooke & MacDonald Commercial and Savills HOK, will be concentrating on owner-occupiers at this stage.
Rockbrook is being developed in two phases and, when completed, will have retail facilities extending to 21,467sq m (231,070sq ft).
The first phase will also include 12,555sq m (135,142sq ft) of headquarter offices and 860 apartments.
The second phase, designed by architects Horan Keoghan Ryan, will have further offices and up to 400 apartments in addition to the shops at street level.
The 10 shops in the first phase front on to Blackthorn Drive and the proposed new Stillorgan Luas stop and will have a combined retail area of 5,217sq m (56,155sq ft). They will be ready to hand over next spring and in the autumn of 2008.
The units fronting the Luas vary in size from 300sq m (3,229sq ft) to 1,200sq m (12,917sq ft) with the option of combining units to facilitate larger requirements. They will have double height facades and floor-to-ceiling heights of 5.5 metres.
They are ideally suited to "big box" occupiers who want to combine large efficient units with a high profile location.
The price schedule shows that a shop of 328sq m (3,531sq ft) will cost €2.75 million to buy or €120,000 to rent; another one with 450sq m (4,844sq ft) is priced at €3.65 million while the rent has been set at €170,000; a unit of 640sq m (6,889sq ft) works out at €4,726,265 (to rent it will cost €219,520); while the largest store of 1,241sq m (13,358sq ft) has a price tag of €7.2 million and the rent in this case will be €335,000.
The shops are being targeted mainly at homeware, electronics, furniture, childrenswear, sportswear and soft furnishings. The second phase of "The Boulevard" will be anchored by a food store with the promoters anxious to attract either Marks & Spencer, Tesco or Superquinn.
Dunnes Stores is already trading out of Beacon South Quarter.
