8th Feb 2005 10:02
British Land Co PLC08 February 2005 8th February 2005 ILAC Centre in Dublin Redevelopment Plans Unveiled Major Investment to Attract Flagship Retailers British Land subsidiary Firmount Ltd and Irish Life Assurance plc todayannounced details for the redevelopment of the landmark ILAC Shopping Centrethat will see it receive a major upgrade at a cost in excess of €50 million. Theredevelopment of the 22,750 sq m centre, which will be phased to restrictdisruption to the minimum during shopping hours, will result in a state of theart shopping centre. The redeveloped centre is expected to attract leadinginternational retail brands and further enhance the Henry/Mary Streets offeringas the City Centre's premier retail destination. The redevelopment plans, designed by specialist retail architects Benoy,includes the refurbishment of 3,700 sq m of existing space presently occupied byDunnes Stores in Moore Mall. The ILAC owners will take back this space under aswap arrangement with Dunnes Stores. This will involve Dunnes Stores extendingits Henry Street store into ILAC Centre at Moore Mall and Central Square. As aresult the new Dunnes Stores unit, which will straddle Sampsons Lane, will tradeover four levels. The former Dunnes unit will be redeveloped by the ILAC ownersinto a number of large units of a size that will attract premium tenants andanchor Moore Mall as a stronger retail destination to increase customer trafficto the centre. Final completion is expected to be Spring 2007. The first phase of the redevelopment will see H&M's City Centre flagship storeopen in Autumn 2005 occupying 1,300 sq m over two levels in the former Easonsoutlet on Mary's Mall/Mary Street. The redevelopment will see the replacement ofall entrances and facades to give an enhanced street presence including newgraphics and signage. Raising the roof, replacing the floor and the removal ofplant rooms spanning the malls will improve sight lines and create a sense ofspace and light. The redevelopment will also improve the configuration ofCentral Square and Lift Square with a new ventilation strategy and the additionof food offers and new customer facilities to the centre. The redevelopment adds to the recent regeneration of the area, including theRoches Stores redevelopment incorporating Zara and the construction of MooreStreet Plaza, a mixed retail and residential development on the corner of MooreStreet and Parnell Street. The plans for the ILAC Centre will also tie in withthe overall Integrated Area Plan for O'Connell Street and the anticipatedregeneration of Moore Street. The advent of the Luas together with the existingbus and Dart services and the Ilac multi-storey car park makes the ILAC Centre ahighly attractive and accessible location for retailers. The current footfall ofalmost 13 million per annum is expected to increase further. According to British Land Corporation Director Merrick Marshall, thisannouncement is good news for both the customers and tenants of the centre. Hesaid, "This extensive redevelopment will create a completely differentatmosphere in the ILAC Shopping Centre and bring the scheme into the 21stcentury. It will provide extra facilities and amenities not only for thetenants, but also for the millions of customers who visit the centre every year.It will complement the other regeneration works in the area and confirm HenryStreet/Mary Street as the premier destination and shopping district in Dublin. The upgraded ILAC Centre will attract Dubliners, those living in the greaterDublin area and commuter belts as well as visitors to Dublin. " A spokesman for Irish Life added that 'the redevelopment of Ilac will furtherenhance Irish Life's property portfolio and will be warmly welcomed by investorsin Irish Life's property funds. Contacts Nigel Webb, Director The British Land Corporation Limited Tel: 0207 467 2860 Merrick Marshall, Director The British Land Corporation Limited Tel: 0207 467 2973 WeberShandwick FCC:Winifred McCourt / Jimmy Healy Tel: 00 353 1 6760168 or Tel: 00 353 87 2446004 or Tel: 00 353 87 6479104 NOTE FOR EDITORS: The ILAC Shopping Centre is jointly owned by Firmount Limited and Irish LifeAssurance plc. Firmount Limited is a wholly owned subsidiary of British Land which acquired 50per cent interest in the ILAC Centre in July 2001 and acts as asset manager onthe part of the joint landlords. British Land was behind the successfuldevelopment of the Setanta Centre, St. Stephen's Green Shopping Centre at thetop of Grafton Street, the International Financial Services Centre in the CustomHouse Dock area of Dublin and Cherrywood Science and Technology Park in SouthDublin. The British Land Company plc is a major property investment and developmentcompany which is listed on the London Stock Exchange and is a constituent memberof the FTSE 100 index. Its retail assets include Meadowhall Shopping Centre inSheffield, one of the most successful shopping centres in the United Kingdom,the Plaza Centre and Plaza Tower in East Kilbride, Scotland and The PeacocksCentre in Woking and the Queens Mere and Observatory shopping centres in SloughEngland. Irish Life Assurance plc is a wholly owned subsidiary of Irish Life andPermanent plc, one of Ireland's leading companies and the country's thirdlargest financial services institution. Irish Life were pioneers in investing inthe redevelopment of Dublin City Centre including the ILAC Shopping Centre,Abbey Court, Beresford Court and George's Quay. Benoy is a highly regarded specialist retail architect who was involved in thedesign of the Bullring, in Birmingham and Bluewater, in Kent. Benoy also gaveadvice on the retail design of the newly opened Mahon Point in Cork. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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