International brands keen to get footholds in Dublin , says real-estate expert, even as business group says planners should broaden options for city-centre thoroughfareGrafton Street: feedback from property owners is that there is still considerable interest from brands in space that becomes available. Photograph: Dara Mac Dónaill
Feeney, and head of research at Colliers, Kate Ryan, keep a close eye on who owns buildings on Grafton Street and who is renting space there. Before the pandemic, in 2019, 2.2 per cent of the units and 2.3 per cent of the retail floor space on the street was vacant, according to the Colliers data. By 2021 those figures had surged to 18 per cent and 10.5 per cent respectively.
“So saying that bricks-and-mortar retail is dead is just wrong,” says Feeney. More than 20 deals for new tenancies were completed for Grafton Street since the beginning of 2022, with more deals on adjacent streets such as Chatham Street, Duke Street and South Anne Street. A shift from fund ownership to private investor ownership has been taking place, with the Colliers data showing that the percentage of the buildings on the street owned by funds has gone from 59 per cent in 2019 to 46 per cent in 2023. Over that time, the percentage of the buildings owned by private investors has gone from 23 per cent to 36 per cent.
When it comes to the value of retail space, ground floor space is worth substantially more than space on upper floors, and space closer to the front of the shop is worth more than space at the back, Feeney explains. The most valuable space – the 20 feet inside the door on the ground floor – secures the highest price per square foot in rent. With each 20 feet back from the front entrance, the price per square foot drops in value.
Rents are still not back at the €575 per square foot that was the estimate for 2019, and are still a long way from the €770 per square foot estimate for 2008. Number 76 Grafton Street has a 10-year lease dated May 2022 on the register, with an average annual rent of €300,000. The lease says this is for retail on the ground floor, and the storing of stock in the basement and on the first floor. There is no mention of the other floors in the four-storey building. Number 76 is owned by members of the family behind Jameson whiskey and is currently an outlet of the Russell & Bromley footwear and bag shop.
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