FASHION designer John Rocha is not to proceed with a flagship store on Dublin's Grafton Street after running into difficulties over the lease of the premises. The Hong Kong-born designer agreed last March to pay £275,000 key money for a store at 75 Grafton Street occupied by McNally Opticians.
Since then, the owner of the building, Michael Hayes, a former City Sheriff, has refused to grant landlord's consent to the change of tenancy. McNally has the option of appealing against the decision but is not to do so because of the long delay involved in taking a court action.
A spokeswoman for Mr Rocha said he was still going ahead with a retail outlet in the city and is currently looking for an alternative store in the Grafton Street area.
McNally's agent, David Agar, said his clients would decide whether to consider other approaches for the store which was certain to benefit from the opening later this year of the new Marks & Spencer store. Several UK multiples have been looking for stores in Dublin's most exclusive street.
McNally is currently paying a rent of £120,000 a year for the five-storey Grafton Street building, which includes 2,000 square feet of retail space at basement and street level.
Mr Hayes is one of a small number of private investors owning retail premises in Grafton Street. The vast majority of them are held by financial institutions.
