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Press Release - 5 Feb 2016
Hines submits planning application for significant expansion at Liffey Valley Shopping Centre
Plans include additional 22,000 sq. m. net retail space; 1,800 car parking spaces, a major new civic plaza and a 2,500 seat Olympic-sized indoor ice arena.
Hines Ireland, as asset and development managers has today (5 Feb 2016) announced submission of a planning application for a significant expansion of one of Ireland’s best known shopping and leisure destinations at Liffey Valley in West Dublin on behalf of it’s co-owners*. Planning permission is being sought for an additional 22,000 sq. m. net retail space together with a mix of other uses. The application, proposes the building of an Olympic standard ice arena with capacity for 2,500 spectators, capable of hosting international ice skating competitions, ice hockey matches and ice entertainment performances. The plan proposes 1,800 additional car parking spaces and a transformation of the Centre’s civic spaces with the addition of a major new public space equivalent to a typical European-scale Urban Plaza.
Detailed studies commissioned by Hines into the existing market predict spending and population growth in Liffey Valley’s catchment will outstrip growth in supply over the next 5 years, demonstrating the need for new retail space in West Dublin in the coming years.
Commenting on the planning submission, Brian Moran, Senior Managing Director of Hines Ireland, stated “This is a significant yet timely planning proposal for Liffey Valley, underpinned by evidence of emerging demand for this scale of expansion in the future. We are submitting the application now as a strategic forward planning initiative aimed at the sustainable development of Liffey Valley in line with future market needs.
Our research shows that if the planned expansions to all Dublin shopping centres went ahead in the next 5 years, it would add 12% to the retail floor area in the city region. Customer spend and population growth will outstrip this, so we are making this application now as economic growth accelerates to avoid the kind of lack of supply we are currently seeing in office and residential markets.
Over the past 24 months we have been cultivating a new vision for Liffey Valley via a series of works in the Centre and the western end extension. Already a leading employer and contributor to the local community, this new project will maintain Liffey Valley’s integral role in the local economic development of West Dublin over the next decade. Now is the right time to forward plan to ensure future retail demand is met within this strategically-located Regional Shopping Centre.”
Commenting on today’s announcement, Development Director of Hines Ireland, Kevin Ryan, said the new development at Liffey will enhance and complement the existing Centre: “We are proposing a major new glazed public plaza together with the addition of other uses besides retail. This will add a new sense of place and identity to the Centre while linking into the existing facilities and the West End development which is due for completion at the end of 2016.
The new public space will provide an additional mixed leisure entertainment, commercial and retail extension creating an active public environment, which fully resonates with the local community. This, combined with €28 million invested in the complex over the past 18 months, means we are building on a successful retail mix and customer experience and establishing Liffey Valley as one of Ireland’s leading shopping and leisure destinations.”
Commenting on the provision of a new Olympic sized ice arena, Ice Skating Association of Ireland President Karen O’Sullivan said: “This is a significant and exciting next step for ice skating in Ireland. A new arena will allow us to meet the significant underlying demand for ice skating across Ireland and allow our athletes to train and compete at home; giving us the best chance to develop home-grown international champions of the future. Hines has worked closely with ISAI to include all the features to allow this to become the permanent home of Irish ice skating teams and a top quality international ice sports venue.”
In advance of this planning submission, an architectural competition was initiated to come up with a world class design for the proposed new retail and leisure spaces at Liffey Valley. The US architects RTKL were selected having devised a visionary design which envisages transformative new civic spaces being added to the existing building at Liffey Valley.
The project once initiated has the potential to create up to 450 construction employment opportunities during development approximately 1,500 full and part-time jobs upon completion, bringing the total number of people employed within the centre to over 3,700.
* Liffey Valley is owned by clients of HSBC Private Bank (to whom HSBC Alternative Investments Limited acts as investment adviser), Grosvenor Britain & Ireland and Hines Ireland, who also act as Asset and Development Managers.
NOTES FOR EDITORS:
About Hines: Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Liffey Valley: Liffey Valley is one of Ireland’s most successful and vibrant shopping and leisure destinations with over 100 shops, restaurants and multiplex cinema. The new Western End development due for completion at the end of 2016 will have over 7,000 Sq. m of retail space, 3, 774 Sq.m of restaurant space and the 14 screen fully refurbished VUE cinema. Once the West End Development is completed, Liffey Valley will comprise over 60,000 sq.m of retail and leisure space.
About HSBC Alternative Investments Limited: HSBC Alternative Investments Limited (HAIL) provides a broad range of hedge fund, private equity and real estate investment services to clients across the globe. It also acts as Investment Advisor to a number of real estate products managed by HSBC Management (Guernsey) Limited. Operating since 1989, HSBC’s alternative investment business today manages and advises on more than USD 30bn of client assets. HAIL is a limited company registered in England and Wales and authorized and regulated by the Financial Conduct Authority.
Grosvenor Britain & Ireland: Grosvenor Britain & Ireland (GBI) is part of the Grosvenor Group. GBI’s mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise. It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate - 300 acres of Mayfair and Belgravia in the heart of the UK’s capital - and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, GBI had £5.2bn of assets under management.
Ice Arena Advisers: Vibrant Partnerships, managers of leisure operations at London 2012 Olympic Games venues, are acting as consultant on the design and sustainability of the ice arena.