Australian financial services group Macquarie joins €150m bid for Cork events centre

O'Callaghan Properties confirm they are not taking part in the process

One of three confirmed proposals for an Events Centre in Cork includes the Marina Market retail location in the Cork docklands. Picture: Larry Cummins

Asset management and banking giant Macquarie has joined the race to develop an events centre in Cork, supporting the proposal for a concert arena at the Marina Market in the city’s docklands as developer O’Callaghan Properties confirm they are not submitting a proposal.

Last week saw the deadline arrive for submissions of event centre proposals to Cork City Council through the suitability assessment questionnaire (SAQ) process. 

A spokesperson for the council confirmed to the Irish Examiner that it has received a number of submissions but would not confirm the exact number or identities of the bidders.

A long-term proposal from Bam to develop an arena on the city’s South Main Street with the support of concert giant Live Nation remains the most prominent. 

However, Tom Coughlan, through his real estate firm, Urban Green Private, has proposed the development of a 4,000 to 5,000-seat venue at the popular Marina Market retail location.

Cork GAA has also submitted a bid proposing Páirc Uí Chaoimh as a possible location with a proposal for an Exhibition Centre to include an Event Centre at the 4G pitch.

O’Callaghan Properties (OCP), which was previously shortlisted to deliver a 6,000-seat event centre on Albert Quay but withdrew at the final tender stage in 2014, has ruled itself out of submitting a fresh bid. 

The company is currently redeveloping one of the city’s most significant landbanks centred on Kennedy Quay. However, the company’s managing director, Brian O’Callaghan, told the Irish Examiner they are not one of the interested parties. 

“Our focus for the future in our Docklands portfolio is on residential and office,” he said.

Macquarie

Australian-headquartered Macquarie has operated in Ireland since 2003, providing a variety of services and operations. A fund it manages acquired Greenstar and Panda owners Beauparc in 2021. 

In 2023, it entered into a €250m Public Private Partnership (PPP) to finance, design, build and maintain college campus buildings, including at the Munster Technological University campuses in Cork and Tralee and the Technological University of the Shannon Athlone campus.

Entering the process, Macquarie is now in the early stages of examining what the potential event centre and concert arena could look like and whether it would be attractive for any institutional investor. 

Their proposal is in conjunction with Coughlan's Urban Green Private, contractors JJ Rhatiggan and live entertainment firm AEG. In response to queries from the Irish Examiner, Macquarie said they had no comment to make.

Shortlisting of bidders

Cork City Council said that an evaluation of the SAQ’s will now take place that will lead to a shortlisting of viable proposals. 

The process, being overseen by global project management experts AECOM, will lead to the issuing later this year of tender documents, followed by a process to select a preferred bidder.

The purpose of the SAQ is to identify suitably qualified and experienced organisations and consortia with the capability to build, partially fund and operate a project of this scale and complexity with the construction element costing in the region of €150m to €200m.