Last week, a peculiar flock of shoppers, armed with spreadsheets and a fierce determination to save a dime, invaded the Jervis shopping centre. Forget finding the latest fashion; these bidders were here to bid on the very structure itself, much like a real estate version of speed-dating, but with more spreadsheets and less champagne.
Up to 13 eager offers hit the table for Dublin’s urban jewel, recently shunned by its owners, Paddy McKillen and Padraig Drayne—who apparently thought it was the right time to downsize their real estate portfolio to focus on more pressing matters, like hoarding antique spoons. This marks the first time since the 1990s that the shopping centre has been thrown into the market, almost like a vintage handbag that one can’t help but admire despite the fact it’s slightly out of style.
As it turns out, financial giants like the Comer Group and Hines, alongside a gaggle of other attendees that may or may not have been crashed by last-minute investor-hunters, took interest in this half-hidden gem. The bidders included Lugus Capital, Patron Capital, and David Goddard’s Lanthorn, which sounds less like a financial firm and more like a character from a fantasy novel.
The recent bidding frenzy followed some surprisingly successful offers on Marlet’s retail parks, which received more initial bids than hot cakes at a Sunday market. Retail has apparently become the golden child of the property investment world. Apparently, it’s no longer about offices and rented schemes, but about where one can get a decent cup of coffee alongside their retail therapy.
In a dazzling twist that nobody anticipated—because we all assumed brick-and-mortar stores were on their last legs—a report revealed a resurgence of in-store spending, last seen before everyone collectively decided shopping was a dead art form. AIB’s recent retail report managed to drag forth evidence of a 2% increase in physical shopping, prompting nostalgia for the good old days of actually choosing that pair of shoes in person rather than squinting at your phone.
Jean McCabe, the head honcho over at Retail Excellence Ireland, gleefully proclaimed that consumers are flocking back to stores for that delightful experience of browsing—because nothing screams bliss like cramming yourself into a fitting room with fluorescent lights, right? Retailers are cashing in on this rebirth by opening more stores and, you guessed it, maximizing economies of scale.
And while we’re on the subject of rebirth, let’s not forget BPerfect Cosmetics, which has unfurled its makeup wands and popped up 13 new stores across the UK and Ireland like an overenthusiastic weed. Their founder, Brendan McDowell, waxes lyrical about the glorious days of negotiating shorter rents in empty malls, a narrative that could definitely use a soundtrack of triumphant orchestral music. Ah, the sweet nostalgia of popping into a mall before another brand gobbled up your potential spot!
