Europa Capital, the pan-European investment manager, and its local partners, Core Capital and Oakmount, have launched ‘Clerys Quarter’, one of Dublin’s most iconic and exciting new mixed-use developments in the heart of the capital city. Uniquely located on Dublin’s premier thoroughfare, O’Connell Street, and centred around the restoration of the historic former Clerys department store, Clerys Quarter will combine both traditional elements and modern concepts to create a new city centre destination designed to regenerate Dublin’s landmark street.
Key to the development will be the sympathetic transformation of the listed Clerys Building into a world class retail, office and leisure destination. This will include the restoration of Clerys’ iconic features, including the colonnaded façade, internal staircases, columns and ceilings and the famous Clerys’ clock. Clerys’ original restaurant and bar, The Tea Rooms will also be fully refurbished.
The new owners acquired the landmark development in October last year with the benefit of planning permission to extend the current buildings from 212,000 sq. ft. to c. 344,000 sq. ft. (gross internal area) and, with a tendering process for contractors currently underway, the new owners expect to start construction works in the first quarter of this year. It is expected that Clerys Quarter will provide over 400 new employment opportunities for the local area on completion, anticipated in late 2020.
The development will comprise:
• 92,100 sq. ft. (8,556 sq. m.) of new grade A office space across two buildings;
• 60,000 sq. ft. (5,574 sq. m.) of prime retail;
• An 18,762 sq. ft. (1,743 sq. m.) panoramic rooftop restaurant, bar and events venue;
• A number of new food & beverage units totalling 8,428 sq. ft. or 783 sq. m. of varying size;
• A new 176-bedroom four-star hotel
The owners are in ongoing discussions with a number of occupiers for the retail, office and hospitality areas and look forward to providing further updates on these in due course.
It is envisaged that up to 400 new retail, leisure and hospitality employment opportunities will be created at Clerys Quarter, in addition to a further estimated 750 construction jobs during the construction phase.
Office Space
64,100 sq. ft of the prime new office space will be situated over three floors above the retail areas within the existing Clerys Building, as well as in the newly developed Earl Building, which will face onto North Earl Street and comprises 28,000 sq. ft. of offices over five floors.
Retail Offering
Spread over the existing basement, ground and first floors of the 165 years old Clerys Building, the retail space will be unparalleled in the Irish retail market, given the iconic status of the property and its location on one of the most well-known retail thoroughfares in Ireland.
Earl Place Market
In addition to the office and retail offering within the Clerys Building, there will be an exciting new street level destination for hospitality, food and beverage in the heart of Dublin city centre. Located on Earl Place, Earl Place Market will be home to Dublin’s growing food and beverage community, showcasing some of the best independent restaurants, cafes and bars in the city.
New Hotel
To the rear of the Clerys Building on Earl Place Market, a former warehouse is to be transformed into a new 176-bedroom four-star hotel. This new hotel is to be within close proximity of the Moxy hotel, a separate new development being undertaken by Tetrarch. These two hotels will anchor the new Earl Place Market.
See ClerysQuarter.ie to keep up to date with developments and for further enquiries.
