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Operating profits at the operator of “luxury shopping destination” Kildare Village last year increased by 82pc to €4.5m. New accounts show that operating profits at Value Retail Dublin Ltd increased as revenues rose by €3m – or 16pc – from €18.
47m to €21.47m. At the end of last year, the total amount of space leased stood at 91.
5pc, which was a slight increase on the 90.1pc occupancy rate a year before. Following an expansion of the shopping quarter, the lettable area for the whole village increased to 21,606sqm, which is almost twice the lettable area of 10,968 that it opened with in 2006.
The village today comprises 125 units, employs 1,500 and attracts four million visitors a year. Figures provided in a planning application by consultants for Kildare Village, RMLA, show that the estimated revenues generated each year is €182m. In July, UK property firm Hammerson confirmed that it sold its entire interest in Value Retail, a collection of business that includes a stake in Kildare Village.
The assets have been bought by a company owned by US private equity firm L Catterton and agreed to pay £1.5bn for the properties, generating cash of £600m for Hammerson. The directors for Value Retail Dublin Ltd state that they “are satisfied with the results for the year and are confident about the company’s future prospects”.
They state that “the company is in discussion with additional retail brands wishing to trade from the village”. The firm recorded a pre-tax loss of €13.25m following a pre-tax profit of €6.
22m in 2022 – a negative swing of €19.45m. The loss was due to €8.
5m in net finance costs, a €5.37m loss in the fair value of derivatives and a €3.9m write down in the value of investment property.
The accounts show that revenues last year were made up of €11.84m in license fee income, €9.06m in service charge income and €569,000 in ‘other income’.
During the year, the operator of Kildare Village won a planning battle in seeking to remove “overly restrictive” planning conditions concerning the sale of goods from Village outlets. This followed Kildare County Council in December 2023 amending planning conditions concerning the operation of Kildare Village that now allow shops there sell a limited range of non-discounted goods – no more than 10pc of any individual store..
