Hines Ireland and its partners HAIL* and Grosvenor Britain & Ireland have announced their intention to commence works on a €26 million investment in Liffey Valley Shopping Centre, one of Ireland's best shopping and leisure destinations. The expansion will be funded by additional investment from the shopping centre’s owners HSBC Alternative Investments Limited (HAIL) and Grosvenor Britain & Ireland. HAIL acquired on behalf of investors a majority interest in the centre in February 2014 alongside Hines.
The plans secured planning permission in 2013 and will see and additional 10,500 sq. m. of retail space developed at Liffey Valley, a 16% increase in the floor area of the shopping centre. The new development will deliver a new Penneys department store, six restaurants totalling 3,444 sq. m. over three floors and a new 3,300 sq. m. civic space. A new Western End façade will be constructed and reconfigurations will be made to the existing VUE Cinema.
The project is expected to create up to 225 construction employment opportunities during the development phase and approximately 450 full and part-time jobs upon completion, bringing the total number of people employed within the centre to over 2,500.
Welcoming today’s announcement, Centre Director Denis O’Connell said it marked an exciting new phase for Liffey Valley: “We are delighted to commence this €26 million investment in the retail, leisure and community facilities on offer at Liffey Valley Shopping Centre. It represents an exciting new phase of development for the Centre which has evolved into a major shopping destination for west Dublin and beyond. Now in our 17th year of trading, Liffey Valley boasts full occupancy with 100 tenants including anchor brands Marks & Spencer, Next, Dunnes Stores and Boots. Our expansion plan signals a promising new chapter for Liffey Valley.”
Commenting on the significance of the investment, Brian Moran, Senior Managing Director of Hines Ireland, stated “Over the past 12 months Hines Ireland has been developing a new vision for Liffey Valley. Already a leading employer and contributor to the local community, Liffey Valley’s expansion will be a key element of local economic development in west Dublin. Now is the right time to re-invest in this strategically-located centre. This new expansion plan, combined with €2 million invested in customer facilities during 2014, means we are building on a successful retail mix and customer experience, that makes Liffey Valley one of Ireland’s leading shopping destinations.”
The Liffey Valley owners will partner with John Sisk & Son to roll out the project as quickly as possible, delivering the jobs and business benefits that will come from the expansion. The expected timeframe for the completion of the works will see the cinema upgrade open in Autumn 2015, with the new Penneys due to open in late 2016.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
*HAIL acts in its capacity as investment adviser to HSBC Management (Guernsey) Limited
Grosvenor Britain & Ireland aims to create value through its skills in place-making and design, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. We own and develop an exceptional range of properties and locations in Britain and Ireland through two business units: our London estate, responsible for assets across 300 acres of Mayfair and Belgravia, and Grosvenor Developments, responsible for all off-estate activity in Britain and Ireland. Both teams have a common goal: to create great places for people to live, work and visit. As at 31 December 2013, Grosvenor Britain & Ireland had assets under management of £5bn.