Several unconventional “shoppers” took over Jervis shopping centre last week—no, not the ecstatic bargain hunters that usually fill the aisles, but a battalion of serious bidders, perhaps more interested in their spreadsheets than their shopping bags.
Actually, if you were wondering why nobody was fighting over the last pair of sneakers, it’s because up to 13 first-round offers materialized for the Dublin city centre mall. Yep, folks, it seems the owners Paddy McKillen and Padraig Drayne casually tossed their shopping center onto the market and suddenly turned into auctioneers.
Let’s get this straight. It’s the first time the mall has been on the market since its developers—who we’ll call the “three musketeers of retail,” including McKillen, Drayne, and Paschal Taggart—built it way back in the 1990s. It’s practically a historical site now, one of the last surviving malls from a bygone era not swallowed by some faceless hedge fund.
So, who’s brave enough to face the bidding frenzy? A menagerie of serious players like the Comer Group, US property investor Hines, and others looking to add a shiny shopping mall to their portfolios. The excitement was almost palpable, with guesses that at least one of these bidders might actually understand shopping as more than an Olympic sport.
The auction came on the heels of some impressive interest in Marlet’s retail parks—which saw a staggering ten initial bids. Clearly, retail is back, and it’s strutting around like it owns the place, leaving the ghosts of overpriced offices and rented apartments to quiver in its wake. Who would’ve thought that post-pandemic whining about retail’s imminent doom was just a marketing ploy?
In the first quarter of the year alone, retail accounted for half of all investment deals in Dublin. AIB noted a 2% increase in in-store spending compared to the year before. Can you imagine? People actually want to leave the comfort of their homes and encounter the terrifying possibility of human interaction in exchange for… shopping!
Even the much-derided estate agents are catching on to the retail renaissance. Karl Stewart from Cushman & Wakefield stated, “Retail has shown resilience over the past 15 years.” And with shopping centers built before the Celtic Tiger got tired and took a nap in 2007, it’s no wonder these retail havens are flaring up with new life—and new owners quicker than you can say “bargain bin.”
Now, the lesson here? Whether you’re in the market for a shopping mall or just a decent pair of jeans, remember this: there are great deals hiding behind every corner—if you have the guts to brave the crowds and bid. Just keep your fingers crossed nobody outbids you before your next purchase.
