Merchant’s Quay Shopping Centre is to be redeveloped

Face of change in Cork City

THE dated, 1980s Merchants Quay Shopping centre, which has five main anchor units at one end of Cork City’s Patrick Street, is to be redeveloped and given a new, glazed facade.

It’s being reconfigured to allow for a smaller number of larger retail stores, including one 17,000 sq ft unit upstairs.

The reconfiguration is one of a series of major retail changes planned for the city’s main shopping thoroughfare as the depressed retail sector prepares to benefit from the slow economic recovery.

Set to lead the charge is fashion chain SuperDry, which is taking the front section of the Moderne building, whilst significant units vacated by Wallis and by Mothercare are under active negotiation with Savills. Also, Penneys is to double its city footprint, as it buys up much of the block it occupies, while Nama is expected to put the Joe O’Donovan Grand Parade cinema site, which backs onto the southern end of Patrick Street, to market in the coming months.

Plans for the multi-million euro investment at Merchants Quay (pic, above) , which will add €20m to its worth, thanks to the increase in its letting value, have been lodged with Cork City Hall: the changes could be in place for next autumn for centre owners, Friends First.

Developed in 1988 by Owen O’Callaghan, the centre is one of Munster’s largest, with 710 multi-level city-centre parking spaces, serving traders such as Marks and Spencers, Dunnes Stores, SuperValu, Boots, and Debenhams in the adjacent former Roches Stores building, which links into the Merchants Quay rotunda, lifts and escalator section.

Surveyor Siobhán Young, of Savills Cork, says the centre has a strong corner profile onto Patrick Street, and “is a landmark in Cork City, recognised for its convenient location and multi-storey car park.”

The plans are primarily for the mall entrance, and do not include the Marks and Spencers facade.

Similarly, the long Merchants Quay brick facade will only receive minimal signage changes.

The internal changes at ground- and first-floor malls “are to suit the requirements of modern retailers. The existing mall will be relocated directly next to Marks and Spencer, which will allow for a row of larger units to be located between the mall and Merchant’s Quay,” says Ms Young.

All pedestrian connections between existing anchor tenants will be retained and enhanced.

The ground floor will have a number of new fashion/retail units, ranging from 2,260 sq ft to 3,648 sq ft. Rents will be circa €50 psf at ground, and €25-35psf above, next to Marks & Spencer.

The new 17,000 sq ft space (in the former Kylemore Café) will be pitched to one large retailer, such as Heatons or Dealz (currently on a short lease downstairs) or an additional anchor tenant.

Peter O’Meara, of Savills, said that the aim was to improve the tenant mix and occupancy, adding negotiations “are on-going with a number of high-order retailers in respect of the redevelopment.”

Details: Savills 021 4271371