Major revamp on the horizon for Stephen’s Green
The majority owners of St. Stephen's Green Shopping Centre in Dublin are selling part of their majority in a move that is expected to lead to a revamp of the landmark shopping centre
8 July 2015 | 0
St. Stephen’s Green Shopping Centre in the heart of Dublin city is about to undergo a change of ownership, which is expected to lead to a “long overdue” revamp of the iconic building. The Irish Times reports today that Irish Life, the majority owner of the centre, is planning to sell 35.4% of its interests; experts predict that if and when this sale goes ahead it will trigger a series of changes including a new layout to accommodate a series of new fashion stores and a nine-screen cinema on the roof of the centre.
Irish Life owns a 73% stake in the centre, with the other 27% held by businessman and property developer Pierce Moloney. The Times states that Irish Life is seeking €45.6m for the 35.4% holding, which is expected to yeild around €3m per year, including revenue from the centre’s car park.
The proposed sale by Irish Life is expected to kick off a rejuvination process for the centre, which opened in 1988. Experts say the site has been in need of a revamp, but an apparent lack of interest from major fashion retailers in recent years has left owners reluctant to put additional funds in to the site.
Under an existing plan for a remodeling of the centre would see the ground floor converted to contain a single central pedestrian aisle, with stores on either side enlarged and kiosks eliminated. The current owners already holdplanning permission to develop a €10m cinema with a total seating capacity of 1,612.
image: Mike Peel (www.mikepeel.net)