Bank and developer buy BT car-park

AN £8 million multi-storey car-park at the rear of the Brown Thomas store in Dublin's Grafton Street is to be developed jointly by a small property company, Jonova Developments, and Anglo Irish Bank Corporation. Work has already started and the 380-space car-park, which will link in directly to the Brown Thomas store, is due to be completed next October.

The deal will allow Anglo Irish Bank to avail of more than £6 million in capital allowances under a tax incentive scheme designed to encourage the building of more car-parks.

The promoters bought most of the site between Clarendon Street and South William Street from Brown Thomas and, as part of the overall deal, BT will retain ownership of 25,000 square feet of storage at basement level 3,500 square feet of retail space and about 7,000 square feet of offices on Clarendon Street.

A further 8,000 square feet of offices will be available for letting on South William Street through the Gunne agency.

Fintan Gunne, managing director of the Gunne agency, who negotiated the deal, said the car-park will be of enormous benefit to the Grafton Street area.

BT will be the major beneficiary of the car-park which will have a bridge over Clarendon Street linking it in to the store at second floor level.

The car-park will be hidden behind a new building, which will have shops at street level. The promoters promise that the car-park will be built to the highest possible standards using the latest technology and making it "customer friendly".

The design provides for each floor to be clear of pillars to maximise the number of spaces and make parking less difficult. A colour code and bright lighting will be introduced with the intention of making it the best equipped in the city.

The entrance will be on Clarendon Street and the exit will be located on South William Street. Dublin Corporation has stipulated that the pricing should discourage long-term parking.

The car-park will open in October to coincide with the completion of work on the Brown Thomas store and also on the relocation of Marks & Spencer to its new department store on the opposite side of Grafton Street.

The provision of the car-park and the opening of M & S's flagship store are expected to provide a major boost for the city's leading shopping street.

These changes will take place around the same time as the Jervis Street shopping centre and multi-storey car-park are due to open in Mary Street. The Jervis centre is one of a number of new developments which are expected to strengthen the appeal of the Henry Street area. Arnotts and Penneys have both secured planning permission to redevelop their stores and build car-parks.