UK Pub Chains to Serve Up Increased Demand for Sites
UK pub chains looking to expand into Ireland, along with providers of electronic goods, clothing and footwear, are likely to be the most active players in the Irish retail property market this year, according to property consultancy, Savills.
“We’re now seeing increased demand from food and drink retailers for prime city-centre space, with requirements currently outstripping the available stock.
“We expect this to continue in 2014, as a number of UK pub chains further expand in Ireland,” said Bernadine Hogan, retail divisional director at Savills Ireland.
JD Wetherspoon has recently acquired two Dublin premises and is due to open its first Irish-based pub in April; recently adding that it could open between 30 and 50 here over the next 10 years.
It has also been reported that British brewer Greene King and another unnamed firm are looking at opportunities here.
Savills said fashion and footwear retailers remain “strong performers”, resulting in demand for space in prime and good-quality secondary locations.
After five years of no real increase in building supply, Savills is suggesting a small amount of retail development will take place this year. This, it said, will mainly be in the form of extensions to existing schemes — Nama looking to expand The Square Town Centre in Tallaght and the Northside Shopping Centre in Coolock.
Dublin shopping centres recorded increased activity in 2013 and, with vacancy rates falling in high-profile locations, the dichotomy between cities and provincial towns is “increasingly apparent”.
