Construction BUSINESS

Fitzwilliam Finance Partners, the investment vehicle of Smyth’s, proposed a planning application in conjunction with Arnotts to Dublin City Council, dividing numbers 7, 8 and 9 Henry Street, which presently occupies Arnotts’ ladies shoe department, into a separate building of roughly 40,000 sq ft.

While the proposed division of the premises would see Arnotts’ physical footprint being reduced, the Henry Street store would still retain its position as Ireland’s largest and only full-line department store, with 250,000 sq. ft of retail space. The move will also see Arnotts restored to its original footprint. The units that Smyth intends to redevelop with a view to bringing a major international retailer to Henry Street were only added as an extension to the iconic store in the 1960s.

The Sunday Independent understands that Smyth reached an agreement with the Selfridge Group last October to retain numbers 7, 8 and 9 along with Arnotts’ other development properties as part of an overall deal that saw him sell the group the remaining 50pc stake that his investment vehicle held in the department store, which first opened its doors to Dublin shoppers in 1843.

Subject to planning, works are not expected to begin until spring 2018. The proposed separation of Arnotts’ premises will not have any impact on the numbers employed at the store, a spokesman for Fitzwilliam Finance Partners said.

Arnotts is the oldest and largest department store in Dublin, Ireland. The store formed in 1843.