Frascati Shopping Centre
Frascati Shopping Centre sits on a site of approximately 7 acres on Frascati Road in the heart of the affluent area of Blackrock in the South-Eastern suburbs of Dublin. It is 8km from Dublin city centre and is highly accessible to a catchment of over 140,000 people.
The site offered a clear opportunity to add value, with planning permission granted for a major extension and upgrade comprising c.70,000 sq. ft. Of new retail space plus a multi-storey car park. Originally constructed in 1981 and renovated in 1989, the Shopping Centre was tired and in need of complete refurbishment. BREL advised Invesco on the acquisition of the property have been appointed by Invesco as Development, Asset and Property Managers for this project since the property was acquired in August 2015.
This exciting scheme is poised to rejuvenate the existing Frascati Shopping Centre by delivering contemporary retail units which will respond to modern retailer demands, scheduled completion is due in 2019 at an estimated cost of €33m.
BREL on behalf of Invesco assembled a project design team with a view to conducting a full review of alternatives/improvements to the consented scheme to ensure that the planning enhancement potential is being maximised. The development phasing, detailed design and project costing has been advanced and negotiations undertaken with the current and potential future tenants to facilitate the delivery of the expansion. The site has further development potential which BREL and the design team are working towards establishing and working through to planning application stage.
In order to ensure the smooth delivery of the new scheme while facilitating the existing centre continue to trade, BREL have devised and managed a communication / media strategy to ensure all tenants are kept well informed of the works and to ensure that the impact on trading is kept to a minimum.
The existing centre comprises approx. 110,200 sq. ft. The rejuvenated and extended shopping centre will consist of c. 180,000 sq. ft. of lettable retail, retail services and restaurant / café floor space.
The development will be served by 556 car parking spaces and 170 cycle spaces at lower ground, ground and podium level. Also, a new landscaped open space will be provided to the front of the shopping centre adjacent to Frascati road.