€150m plan lodged for Capitol development

Plans have been lodged today for a massive €150m development of the former Capitol Cinema on Grand Parade, Cork.

One of Cork’s most recognisable buildings is to be converted into an eight-storey development, which includes a restaurant, a bar, retail units to cater for large high street stores and office space.

The development will extend back to Market Lane and onto Patrick Street, and it will include three basement levels and five levels above ground.

It is expected to attract major retailers like Next, Zara, Boots, TK Maxx and Arnotts, according to development advisors DTZ Sherry Fitzgerald.

Property developer Joe O’Donovan is behind the ambitious plans to create almost 9,000-square metres of retail space on five floors.

Joe O’Donovan is the former owner of Wilton Shopping Centre, which was put up for sale last year.

The development will also include 3,276-square metres of office space on the top two floors.

Retailers will choose from units on five different floors, two underground and three above, with the opportunity to occupy different levels internally.

The size of the units will vary but it is expected that box units measuring up to 2,000-square metres will be available for major outlets.

Two of the units are expected to have double frontage onto Patrick Street and Grand Parade.

The site currently includes the Central Shoe Store, a former post office, a restaurant and a music shop, as well as the old cinema.

Peter O’Flynn of DTZ Sherry Fitzgerald in Cork, who has been advising Mr O’Donovan on the development, said it will completely transform the Grand Parade.

He said the site would have modern glass frontage, but adding that it will compliment one of Cork’s most popular tourist spots, The English Market.

The site measures almost two-thirds of an acre, most of which will be demolished completely and rebuilt.

However, the famous Oyster Tavern is to be retained as part of the development.

The Capitol, which opened in 1947, closed its doors for the last time at the end of 2005.

Article courtesy of the Evening Echo newspaper.