AIB is to open a branch at the Frascati Centre in Blackrock, while work is also underway on fitting out five other units for tenants at the newly refurbished centre.
AIB has taken a high-profile unit fronting Frascati Road of approx 2,000 sq ft unit on a 15-year lease at a rent in the region of €50 per sq ft. Fit-out will begin as soon as the Covid 19 restrictions allow. Fit out work on units for new tenants Blackrock Medical Centre, YogaHub, F 45 Training, Pure Pharmacy has also been temporarily interrupted but will resume once the Covid 19 restrictions are eased. The same applies to work on a larger unit for existing tenant Serena Boutique.
The AIB letting was negotiated on behalf of the landlord by Johnny O’Connor of CBRE who said: “The AIB letting is a vote of confidence in the strength of Frascati Shopping Centre as a retail destination. The Centre is poised to see a substantial new tranche of units opening as soon as public health restrictions allow.”
Mr John Bruder of Burlington Real Estate, the asset and development manager (on behalf of owner, Invesco Real Estate, a global real estate investment manager) said: “The recent refurbishment and extension work cost over €30m but has transformed this into a premier destination in South Dublin. AIB’s decision to move in marks a further step in the development of the Centre.”
The Frascati Centre now has an extensive food quarter, dedicated health & beauty zone, and extensive fashion and footwear stores. It is anchored by Aldi and M&S. The recent decision to put Debenhams into liquidation means their unit at the centre will change occupancy. The Frascati Centre sought and was granted planning permission some months ago to divide the Debenhams premises into smaller units and is in discussions with several possible lessees.
The refurbishment over the past two years led to an increase in the size of the Frascati Centre from 100,000 sq ft to 170,000 sq ft. Food Quarter tenants include McDonalds, M&S Café, Five Guys and Kay’s Kitchen. Health & Beauty tenants include Peter Mark, Sugar Daddy & Sugar Coated of Brown Sugar Beauty Group, and Sisu. Other tenants include The Health Store, Boots, Bookstation, Carl Scarpa, Vienna Shoes, Pamela Scott, Bannon Jeweller, Vodaphone and Murray Mobile.
CBRE and Cushman and Wakefield are the joint letting agents for Frascati. The Frascati Centre refurbishment project was being undertaken by Burlington Real Estate on behalf of Invesco Real Estate, a global real estate investment manager.
Issued by Murray on behalf of Burlington Real Estate Ltd.
