Case Study: The Square Shopping Centre, South Dublin
Increase in NOI, replacement of Debenhams anchor with Penneys and cinema with new Movies @ at height of Covid restrictions, masterplan achieved for residential, retail and other commercial development in car park lands, cap ex invested improving circulation and sight lines within the centre.
A 1990’s constructed shopping centre sitting within 19 acres of surface car parking zoned Town Centre. Soon to expire retail planning extension.
On acquisition the asset management plan determined that there was opportunity in introducing larger units to attract larger retailers. With the surface car park zoned Town Centre, significant opportunity was identified in developing residential units over the surface car park.
The incumbent Northern Extension planning permission was extended for a further 5 years. Internally, planning was achieved to streamline the central mall, allowing better sight lines. This will be delivered as lease events permit.
Research showed that there was a lack of Food & Beverage options with further leisure activities desired; planning permission for a high net to gross scheme was applied and granted for a modest extension to the south. This was granted in mid 2020.
In liaising with the National Transport Authority with Bus Connects, through a partnership with South Dublin Co. Co. The Square has been identified for a bus interchange location and we are progressing with the design for same.
With the onset of Covid 19, the management of restrictions, lease regears & Covid credits progressed throughout 2020. As a result of Covid, the two main centre anchors, IMC & Debenhams, ceased trading. Sigma Retail Partners oversaw the receivership process in both instances and replacement tenants were secured. New occupiers Penneys & Movies @ were signed in 2021. Movies @ opened Easter 2022 with Penneys opened in September 2022.
A new car park charging regime has been introduced which has moved the car park from a loss making entity to profitable. The centre and car park has also been fully rebranded with all signage replaced.
Green initiatives have been introduced expanding LED lights to the service areas, EV charging points, eco-cleaning products and energy saving measures. Future green initiatives in the pipeline include pv panels amongst others. We have also upgraded the scenic centre lifts and Level 2 to Level 3 travellator with equipment using less energy.
Replacement of both struggling anchors now agreed – planning secured for retail extensions – new Bus Interchange location secured for centre.