IT’S a tale of two different industries – albeit both reliant on sex – on Cruises Street this week.
While the Ann Summers unit on the pedestrianised street has been sold for €1m, it has been announced that Mothercare, located on the opposite side, is to close in 2016, with a number of job losses.
More than 250 jobs had been saved after retailer Mothercare Ireland confirmed it had successfully exited examinership. The company has said it will continue to trade at 15 stores nationwide but confirmed it is to close three shops – two in Dublin and one on Limerick’s Cruises Street – where approximately 26 people are employed.
Mothercare’s unit in the Crescent Shopping Centre is to remain open.
The company said it was in consultation with staff impacted by the decision and added it hoped to redeploy staff across the group’s existing stores in Dublin and Limerick.
Meanwhile, agent Frank Knight has secured €1m for 36 Cruises Street - occupied by Ann Summers, on a 25-year lease since May 1995, at a passing rent of €160,000. The lease is subject to upwards-only rent reviews.
The price appears to be in line with the norm for units on Cruises Street. No 13a Cruises Street, occupied by Specsavers on a 25-year leasehold since 1992, sold for €1.05m in late 2013.
Its rent is €200,000 per annum exclusive of VAT and rates. Other occupiers on the street include relative newcomers Tiger, Silverwood jewellery and Costa Coffee, in addition to long running tenants Thorntons, Argos, Specsavers, McDonalds, O2, Three, Eason’s, River Island, Monsoon, Trailfinders and others.
In recent years, Vodafone, HMV and Game have left the street.
Meanwhile, speculation continues to mount about who will occupy the former Pamela Scotts unit at 7 Bedford Row, which has now been vacant for a number of months.