Shoppers of an unusual sort flocked to Jervis shopping centre last week, proving yet again that “mall” is just as much about deals as it is about retail therapy. Up to 13 first-round bids were tossed on the table for this Dublin gem, quietly nudged onto the market by its proud owners, Paddy McKillen and Padraig Drayne. Apparently, it’s the retail equivalent of a cryptic Instagram post—everyone’s curious, and nobody wants to miss out.
This is the first time the shopping centre has ventured into the wild since its inception in the 1990s, crafted lovingly by McKillen, Drayne, and Paschal Taggart, who, incidentally, wasn’t an expert in tag sales. This delightful mall is one of the last relics of its kind still nestled in the arms of its creators, making the property market seem a tad sentimental.
Among the bidders were names like the Comer Group and US property magnate Hines, who probably see a mall as the adult version of a toy store (complete with a bank account). Peter Horgan’s Lugus Capital and David Goddard’s Lanthorn also joined this high-stakes game of Monopoly, hoping to snag a property that just screams “investor chic.” It’s like watching corporate investors fight over the last slice of pizza—completely riveting.
The excitement escalated after strong interest in Marlet’s various retail parks, which received a flood of initial bids. Retail has surprisingly emerged as the superstar in the property investment scene, getting all the attention while offices languish like last month’s fashion trend. Somehow, the post-pandemic narrative of retail doom was exaggerated, possibly by someone trying to sell cactus plants. Instead, we’re witnessing a remarkable revival, proving that in-store shopping isn’t just a trend; it’s practically a comeback tour.
According to estate agents, retail managed to account for half of all property deal values in the first quarter of the year. Who knew shopping could pull such numbers? Meanwhile, US-based Realty Income, who doubtlessly has deeper pockets than most, made headlines by splurging almost a billion on the Bellagio casino. And now, they’ve set their sights on shopping, trashing the idea that only fancy gambling spaces are worth the investment.
The retail landscape is adapting rapidly, as shopping centres rediscover their purpose amid the rising popularity of streaming services and online shopping. Retail Excellence Ireland’s CEO, Jean McCabe, noted that consumers are ditching their homes to bask in the vibrant atmosphere of brick-and-mortar stores again—because who wouldn’t want to navigate a crowded mall, clutching a half-eaten pretzel, feeling the thrill of spending just for the joy of it?
Not every property has remained as desirable, though. The market is proving to be a careful balance—while valuable shopping centres attract keen bidders, those in less favorable locations are more like the forgotten leftovers at a buffet. Even so, optimism prevails, as Bannon, a commercial property agent, winks at the changing landscape of retail ownership, reassuring everyone that closures can lead to newfound opportunities. After all, every empty store is just an invitation for hip new tenants, perhaps a disruptively artistic boutique specializing in handcrafted potato bags—never know what’s around the corner!
