FTI Consulting An artist's impression of Clerys Quarter. FTI Consulting

DETAILS OF THE new development at the former site of Clerys department store have been released.

Clerys Quarter will comprise office space, retail units, a hotel, a restaurant and an events venue.

Europa Capital and its local partners Core Capital and Oakmount are behind the development, which will be located on O’Connell Street in Dublin city centre.

The building has been vacant since 2015 when it was sold to Natrium for nearly €30 million, leading to the loss of 460 jobs.

A statement released today said the development will be “sympathetic” and “include the restoration of Clerys’ iconic features, including the colonnaded façade, internal staircases, columns and ceilings and the famous Clerys clock”.

Clerys’ original restaurant and bar, The Tea Rooms will also be fully refurbished.

Europa, a European investment group, and its partners acquired the development in October 2018, reportedly for in excess of €60 million.

The group has planning permission to extend the current buildings from 212,000 sq ft to circa 344,000 sq ft (gross internal area).

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FTI Consulting An artist's impression of an aerial view of Clerys Quarter. FTI Consulting

A tendering process for contractors is currently underway and construction work is expected to begin before the end of March.

The development will comprise:

• 92,100 sq ft (8,556 sq m) of new grade A office space across two buildings
• 60,000 sq ft (5,574 sq m) of prime retail
• 18,762 sq ft (1,743 sq m) panoramic rooftop restaurant, bar and events venue
• A number of new food and beverage units totalling 8,428 sq ft or 783 sq m of varying size
• A new 176-bedroom four-star hotel

The owners are in ongoing discussions with a number of occupiers for the retail, office and hospitality areas.

It is expected that Clerys Quarter will provide over 400 retail, leisure and hospitality jobs upon completion, expected in late 2020.

A further estimated 750 construction jobs are predicted to be created during the building phase.