House of Fraser and Sports Direct owner Frasers Group has purchased the former Debenhams store on Henry Street in Dublin city centre.
The high street retail group intends to turn the 200,000 sq ft site into its flagship Sports Direct store in the capital. Controlling shareholder Mike Ashley stepped down from the board from the Frasers Group board in the autumn.
Frasers already operates a Sports Direct store on North Earl Street, parallel to the Henry Street location on the other side of O'Connell Street.
The building, located opposite Arnotts and adjoining the Ilac Centre, was put up for sale with a guide price of €55m in August. Fashion retailer Zara also occupies around 20,000 sq ft of the site under terms of licence with the landlord.
Frasers Group has been gradually expanding its operations in Ireland, opening the first Flannels at Blanchardstown earlier this month, and it will also have a presence at the Cleary's Quarter when it opens on O'Connell Street next year.
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"Dublin is a strategic market for the group, and this site will allow us to grow our presence in Ireland as we continue to expand and deliver our elevation strategy,” said Ger Wright, managing director for sport at Frasers Group.
“Not only does this acquisition bolster our commitment to the Irish market, but it further demonstrates our dedication to re-inventing retail and injecting new life into high streets across the UK & Europe.
"We are the leading destination for sportswear and are committed to bringing the very best brands, environment, and experience to key retail locations.”
In the half-year to late October, Frasers reported profit of £219.6m from revenues in excess of £2.6bn. The group operates close to 1,600 stores and boasts net assets of £1.4bn. Frasers expects to recorded profit before tax of £450-500m for the full year.
Frasers Group last week acquired 15 brands, including Liam Gallagher's Pretty Green clothing line, from JD Sports in a £47.5m all-cash deal. Acquisition were responsible for boosting Frasers' first-half revenue growth from 3.9% to 12.7%.
Debenhams closed all its 11 Irish stores in April 2020 following the onset of the Covid-19 pandemic, resulting in c.2,000 redundancies and long-running protests by workers.
Photo: The former Debenhams store on Henry Street in Dublin. (Pic: Sam Boal / Photocall Ireland)
