Blanchardstown Centre has applied for a €15m extension
The 60,000 sq ft development would create several large retail units.
THE COMPANY THAT manages Blanchardstown Centre has lodged a planning application for a major extension at the shopping centre.
Multi Corporation – a subsidiary of US giant Blackstone Real Estate – has submitted an application to Fingal County Council for a 60,000 sq ft development that would create several large retail units on the lower and upper levels of the central mall.
A number of existing tenants would have to relocate to facilitate the build if it is given the green light.
Should planning be granted, Blackstone expects to spend €15 million revamping Blanchardstown Centre. It said the new build would support 125 construction jobs.
The company’s country manager for Ireland, Dominic Deeny, said this is the first in a number of planned investments in the shopping centre.
Blanchardstown Centre is currently home to an estimated 5,500 workers. The new extension could allow for up to 150 extra, full-time jobs, according to Multi Corporation.
Vacancies
Blanchardstown Centre was sold to the Blackstone subsidiary last year for €945 million - the most expensive single property deal in Ireland’s history.
However, a recent Fora analysis discovered that the number of unoccupied shops at shopping centre have reached their highest levels since the recession.
According to figures compiled by property agents Lisney, there was just one unoccupied unit at Blanchardstown Centre in the final months of 2016.
Unoccupied units at Irish shopping centres
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However, Fora learned that there were nine unoccupied stores at the start of April.
Out of the nine unoccupied units, just one lot previously occupied by an electrical retailer had a new tenant – with Lifestyle Sports opening a secondary store in the main shopping centre to supplement its existing shop in the nearby retail park.
As vacancies at Blanchardstown increase, prime retail centres across Dublin have been at near-capacity as rents and the economy trend upwards.
Commercial property agency Savills noted last year that “since large-scale retail development is still some way off”, retailers can expect further rent increases in the coming years.
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