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DATE: 11/10/07
Irish Examiner - Tommy Barker
Key signings at Eastgate
The €85 million retail park element of the huge Eastgate mixed use scheme in Cork finally kicks off with two key signings just confirmed.
Both new arrivals, which represent different ends of the retailing spectrum, Casey's furniture and Harvey Norman, have existing stores in Cork- but are going for larger outlets.
Major Munster retailers Casey's are to replicate the impact of their €10 million Raheen Limerick store in Eastgate, and this will mark a major move forward for the family-owned, long –established firm.
Founded in 1921, Casey's will continue to trade in their existing Cork city Oliver Plunkett Street location. They aim to build on a four-acre site they have acquired from O'Flynn Construction, who started the Eastgate project back in 1997. Casey's currently employ 90 people, and the new move will see at least 20 jobs in Eastgate, with a late 2008/early 2009 opening hoped for, says MD Peter Casey.
The move shows confidence by indigenous Irish retailers, in the face of international brand competition.
In Cork , Munster Furniture announced last week it is to close after 60 years trading in the city centre, while Regency Interiors is vacating Oliver Plunkett Street for the Kinsale Road . Habitat is currently seeking a Cork store, though, and the Irish interiors chain Instore is to open in Midleton in time for Christmas.
Meanwhile, Australian Harvey Norman, a furniture and electrical retailer, is to open a 48,000 sq ft. store in Eastgate, and has just started fit-out and staff recruitment for December 1 opening. Their second Cork store (they already are in the old Woodies building on the Kinsale Road ) will be amongst their largest in the country at approximately 48,000 sq ft. Harvey Norman has 200 stores worldwide and is opening Cork, Rathfarnham, Naas, Mullingar, Limerick and Tralee.
Letting agents for Eastgate are Savills HOK and DTZ Sherry Fitzgerald, who confirmed that “a deal has also been agreed, subject to planning permission, with Casey's Furniture for the construction of a 55,000 sq ft store similar to that which they occupy in Raheen in Limerick and which won Retail Store of the Year 2006.”
Casey's planned profile site is just on the right hand side of the entrance to the Eastgate Park , where all the motor mall deals have now also been nailed down. Kearys, Honda, Mercedes, Lee Garage/Fiat, O'Hea's / Opel are set to motor east wards from next year, with several vacating prime city centre sites.
Apart from the Harvey Norman and Casey's premises, there's a further 120,000 sq ft available at Eastgate Retail Park , with marketing now being stepped up on the back of these two latest key deals.
The original c 90,000 anchor units remain, and can be let in two sections if required, and other units to lease via joint agents Savills and DTZ vary from 700 sq to 5,750 sq m, and rents from €220 psm to €275, excluding VAT. Targeted users include toys, tiles/bathrooms, furniture, kitchens, sports, electrical, computers etc.
O'Flynn Construction's Eastgate development on 120 acres just east of the Jack Lynch tunnel is now on home stretch, with the ,final phase of 240,000 sq ft of higher quality office buildings in the 84 acre business park element to front the scheme along the main Cork-Rosslare Road.
Tenant/occupants there include McAffee, Schlumberger, Tyco, and PFH in up to 700,000 sq ft of completed buildings. The ‘village' or neighbourhood element of the Eastgate Retail Park already has a Spar, Supermacs, Bank of Ireland, Little Island Pharmacy, KFC Drive Thru, Pizza Hut, and O'Brien's Sandwich Bar in situ.
Details; DTZ Sherry Fitzgerald 021-4275454
Savills Hamilton Osborne King 021-4271371
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