Le Pain Quotidien, the New York-headquartered bakery-restaurant group, is to open a new outlet alongside the Ivy Restaurant in a prestigious building under construction at the junction of Dawson and Molesworth streets in Dublin city centre.
The international chain has been trading in Kildare Village for more than two years and is expected to open at least two additional dining and shopping facilities in the greater Dublin area. One of them is expected to be located in Ranelagh.
Le Pain Quotidien has agreed a rent of €250,000 for a shop and restaurant on the ground floor of One Molesworth Street, extending to 232sq m (2,500sq ft).
The two-dimensional block being developed by Green Reit is expected to have one of the best fit-outs in the city. Green Reit is particularly happy to have attracted not only a branch of The Ivy Collection of restaurants but also Barclays Bank, which will use the overhead office facilities as an EU hub after Brexit if UK finance companies lose their easy access to the European trading block.
Double height entrance
Barclays will pay a rent of slightly over €554 per sq m (€55/sq ft) for about 5,574sq m (60,000sq ft) of office space, which will have a separate double height entrance on Molesworth Street. Access to the Le Pain Quotidien bakery-restaurant will be located on the same side of the building.
Le Pain Quotidien was founded by Alain Coumont in Brussels in 1990 and now has more than 230 outlets worldwide. A common theme in all the locations is a long, wooden "communal table" as a reminder to Coumont's childhood. The initial cafe-bakery concept has been greatly broadened in recent years.
One Molesworth Street is expected to bring in a rental income of some €5 million for Green Reit and to lead to a higher capital value because of the impressive tenant line-up, the high specification of the building, and its prime location directly opposite Hibernian Way. The opening of a new Luas stops close by on Dawson Street has further strengthened the appeal of the area.
BNP Paribas Real Estate advised Le Pain Quotidien while CBRE acted for Green Reit.
