AN OFFER in excess of €10 million has been made to purchase the old Dunnes Stores shop on the Main Street and the Stonebridge Development at Paul’s Quay.
Jeweller Frank Hynes confirmed to the The Echo that he has “teamed up” with his first cousin Alan Hynes of Tuskar Property Holdings to make the bid.
“We have been working behind the scenes for quite some time. Nothing has been finalised, but we are hoping that our offer will be accepted,” said Frank Hynes.
The old Dunnes Stores premises has been vacant for over a decade and deemed an eyesore by County Council officials and the public alike.
Nationally, the retailer has a number of vacant units and has declined offers from prospective tenants to occupy these premises.
The Stonebridge Development secured TK Maxx as an anchor tenant in June of this year. However, the 73 apartments in the complex lie vacant and are falling into disrepair.
The portfolio, which also includes a multi-storey carpark, is owned by Philip and Paula Stafford’s Streamline Properties and is being sold on the instructions of Grant Thornton who are appointed receivers by Bank of Ireland. It has a guide price of €6.75 million.
“We recognise that it’s a very big pitch, but there’s a lot of potential for this development from my point of view,” said Frank Hynes.
He continued: “There’s a lot of big retailers trying to get into Wexford. Our intention is to develop these sites and rent them. High street fashion and all of the big labels want to come here.”
Alan Hynes who operated the accountancy company Hynes and Co. was involved in numerous property ventures during the boom years. In March of this year multiple findings of misconduct were made against him during a Chartered Accountants’ of Ireland disciplinary tribunal.
Franks Hynes stressed that his key objective is to develop Wexford town as a “retail and leisure capital of the South East”.
“Creating jobs is key here,” he added.

Frank Hynes and Alan Hynes. Pic: Jim Campbell