{"id":136677,"date":"2025-10-21T19:31:09","date_gmt":"2025-10-21T19:31:09","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/136677\/"},"modified":"2025-10-21T19:31:09","modified_gmt":"2025-10-21T19:31:09","slug":"clerys-quarter-developer-does-not-expect-full-occupancy-until-2027-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/136677\/","title":{"rendered":"Clerys Quarter developer does not expect full occupancy until 2027 \u2013 The Irish Times"},"content":{"rendered":"

A consortium that led the redevelopment of Clerys<\/a> and adjacent properties in Dublin city centre does not expect the scheme to be fully occupied until 2027, after which it will explore a sale of the assets.<\/p>\n

Clerys Quarter, a mixed-use development comprising office, hospitality and retail space on the site of the former department store, officially opened in March 2024 when H&M lifted the shutters on its new flagship unit. <\/p>\n

Luxembourg-based asset manager Europa Capital led the scheme\u2019s delivery with local partners, including Derek McGrath\u2019s Core Capital and Paddy McKillen Jnr, through a Dublin-registered investment vehicle, Oces Property Management (OPM). <\/p>\n

New accounts for OPM, which declined to comment on Tuesday, show its revenues increased by more than \u20ac1.2 million last year to \u20ac1.45 million, primarily driven by increased rental income. <\/p>\n

However, the company lost \u20ac15.3 million in 2024, down from almost \u20ac19 million in 2023, with accumulated losses reaching \u20ac94.2 million at year-end.<\/p>\n

OPM took an \u20ac5.5 million impairment charge against the value of the properties last year, after recognising a more than \u20ac15 million charge in 2023. <\/p>\n

[\u00a0First look at Clerys Quarter: A glimpse inside one of Dublin\u2019s best known shops for the first time in nine yearsOpens in new window<\/a>\u00a0]<\/p>\n

The company also paid more than \u20ac8 million in interest charges on its borrowings in 2024.<\/p>\n

In the notes attached to the accounts, OPM said its stock was reclassified as investment property in 2024, \u201cin line with the future plan to dispose of the assets\u201d. <\/p>\n

The vehicle\u2019s remaining investment properties, which comprise the entirety of the assets on its books, were valued at \u20ac54.2 million at the end of last year. <\/p>\n

\"\"Dublin Bus CEO on recruitment challenges, going electric, and stamping out anti-social behaviour <\/p>\n

Europa initially acquired Clerys from Deirdre Foley\u2019s Natrium for \u20ac63 million in 2018. However, portions of the development have since been sold off, including the 30,700 sq ft Earl Building on North Earl Street in Dublin, to the HSE in late 2023.<\/p>\n

The latest filings covered the period in which H&M<\/a> opened its 31,750 sq ft unit in the former department store, followed by Decathlon<\/a> in June 2024. <\/p>\n

The French sports retailer took a 30-year lease on the 2,787 sq m (30,000 sq ft) unit adjacent to H & M, following the withdrawal in late 2023 of high-end clothing retailer Flannels \u2013 owned by businessman Mike Ashley \u2013 from plans to lease the ground floor and basement area unit.<\/p>\n

In a report attached to the accounts, the directors of OPM said the main development is completed with \u201clease-up ongoing\u201d. They said: \u201cThe assets will be sold following full occupation and stabilisation, which is not envisaged until 2027.\u201d<\/p>\n

Rental income \u201cis expected to increase further as the property continues to be leased\u201d, the directors added, providing a \u201crecurring revenue stream\u201d.<\/p>\n

Meanwhile, at the end of 2024, OPM owed \u20ac29 million to lender GreenOak Europe.<\/p>\n

The loan term was extended by one year to December 2025, according to the filings, but the facility was subsequently satisfied in August after Europa refinanced the company. <\/p>\n

A balance of \u20ac83 million was owed to a Europa subsidiary in Luxembourg at the end of last year.<\/p>\n","protected":false},"excerpt":{"rendered":"A consortium that led the redevelopment of Clerys and adjacent properties in Dublin city centre does not expect…\n","protected":false},"author":2,"featured_media":136678,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[79,81330,81331,81333,81334,18,81332,19,17,81335],"class_list":{"0":"post-136677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-clerys","10":"tag-clerys-quarter","11":"tag-core-capital","12":"tag-derek-mcgrath","13":"tag-eire","14":"tag-europa-capital","15":"tag-ie","16":"tag-ireland","17":"tag-paddy-mckillen-jnr"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/136677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=136677"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/136677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/136678"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=136677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=136677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=136677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}