Huntstown Bioenergy UC, the landlord entity controlled by businessman Eamon Waters, has lodged two companion planning applications with Dublin City Council for the conversion of 28/29 Grafton Street, formerly occupied by Victoria's Secret, into a premium beauty retail unit ahead of the expected arrival of Space NK as the incoming occupant. The planning applications are subject to a Dublin City Council decision expected in September 2026.

The property at 28/29 Grafton Street is owned by Waters's Huntstown Bioenergy UC. Victoria's Secret has relocated its Irish flagship from 28/29 Grafton Street to 40-43 Nassau Street. Space NK, understood to be the incoming tenant, is a London-based luxury beauty retailer founded in 1993, acquired by Ulta Beauty (NASDAQ: ULTA) from Manzanita Capital in July 2025 for approximately £300 million.

Space NK operates 83 stores across the UK and Ireland and reported UK group turnover of £196.5 million for the year ended March 2024, up 34%, with pre-tax profit rising from £1.5 million to £7.5 million; H1 FY2025 sales were up 38%. Space NK's Irish revenues doubled to £7.23 million (€8.4 million) in the 12 months to end of March 2025. Its current Irish premises at 82 Grafton Street is materially smaller than the Victoria's Secret unit; the applications seek change of use and shopfront upgrades to create a significantly larger flagship.

The structural driver is Ulta Beauty's first international acquisition activating a step-change in Space NK's Irish expansion ambitions. Before the Ulta deal, Space NK was a Manzanita Capital asset managing organic growth; post-acquisition, it has access to Ulta's $2.8 billion revenue platform, global supply chain infrastructure and capital allocation capacity.

A large-format Grafton Street flagship represents the Irish equivalent of the Birmingham Bullring flagship Space NK opened in 2025, signalling that Ulta's strategy is to replicate Space NK's UK premium positioning in its most commercially important Irish location before competitive pressure builds.

Grafton Street's position in Irish luxury retail makes the location choice self-evident. The street generates the highest footfall per metre of any retail location in Ireland, with an established prestige beauty cluster including Brown Thomas's cosmetics hall and nearby Lush. A larger Space NK unit converts a niche neighbourhood shop into a destination beauty retailer competing directly for the Grafton Street luxury spend.

Source: breakingnews.ie / cosmeticsbusiness.com / theindustry.beauty / preqin.com