Entertainment firm in bid to build 30m centre

Eoin English

English-based Clear Channel Entertainment, the owner of The Point Depot in Dublin, is hoping the efforts will justify the massive investment proposed by developer Owen O’Callaghan.

Mr O’Callaghan asked Clear Channel to examine the feasibility of building a 6,000-seat indoor centre on part of his 111-acre Mahon land-bank. The latest research shows that the centre, as proposed, would not be able to support itself financially.

The centre would cost E30m to build but would generate an annual revenue of just E1.5m. “This would not be enough to justify its construction. The figures just didn’t stack up,” a spokesman for O’Callaghan Properties said.

Clear Channel has now asked Cork Chamber of Commerce and the Irish Hotels Federation (IHF) to discuss a new strategy that would maximise usage.

Mr O’Callaghan bought the Mahon land-bank from Cork City Council for E58m. His E230m Mahon Point shopping centre opens there this morning. (Tuesday) But built into the sale was a 5m penalty clause if a conference centre was not built.

Three city sites were in the running for a possible events centre. City manager Joe Gavin favours a site on CIÉ-owned Kent Station or Horgan’s Quay.

But last week CIÉ chairman John Lynch said CIÉ was putting its customers first and that there would be no movement on their properties for at least two years.

The Showgrounds in Ballintemple are also in the running.