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Hold The Meatballs: Is IKEA Really Coming To €60M Clerys Site?


O'Connell Street shoppers may have to wait a while before they can buy Swedish meatballs and Billy bookcases.

IKEA is among those said to be looking at the 150K SF former Clerys department store, O'Connell Street, as first round bids close in a sale handled by Knight Frank.

However, a €60M guide price could feel steep for the affordable furniture retailer, which will face stiff local competition. IKEA representative have walked the site, but the retailer said that it had no plans at present, the Irish Independent reports.

The site comes with considerable baggage. Clerys was closed in 2015 after its sale to Natrium, a joint venture between Dublin-based investment firm D2 Private and U.K.-based fund Cheyne Capital Management, in a €29M deal. The move left the government footing the bill for redundancy of Clerys staff.

In December 2016 planning permission was granted for a 350K SF redevelopment including offices and a 176-bed hotel. The sale indicates that Natrium have abandoned the redevelopment plan, the Independent reports, adding that Paddy McKillen Jnr is one of up to 30 potential buyers.