Sales rise at Mahon Point welcomed against the backdrop of retail challenges

The centre also had seen footfall rise by 5.5pc over the past year, centre director Justin Young said.

The figures show that the centre had recovered strongly and was showing resilience following the challenges that had engulfed the retail sector – particularly large shopping malls – during the pandemic, he said.

Mahon Point now had a 99pc occupancy rate and would see its retail offering enhanced with the arrival of JD Sports this month.

The figures come as Goldman Sachs sold the Blanchardstown Centre in Dublin, reportedly for a figure below earlier high valuations.

“Look at the consumer environment out there and the cost of living challenges over the last few years,” said Young.

“Our view is that while the figures may not be spectacular double-digit futures, they are positive. And we see that as very encouraging. Sales volumes are continuing to grow – that is the right place to be.

“I would question whether the type of boom growth we saw in our industry in the past is even a good thing. It drives rents and everything else and is that sustainable? Our approach now is nice and steady.”

Young acknowledged the challenges in the sector – from the rise of e-commerce to the expense of retrofitting such large buildings to meet new sustainability targets and trend towards much shorter leases.

But the market was cyclical and that the investment case for buying shopping centres would get stronger again, he said.

“There’s been no new stock built in this sector for more than 15 years,” he said.

“Will there be new shopping centres built in the next 10 years? I’d say it is highly unlikely. But what you are seeing in places such as Liffey Valley are new extensions.

“In our case, we’re owned by German funds since day one in 2005 and, fortunately for us, they’re very pragmatic long-term investors.”