Developer swoops on landmark city bar in €7m deal

THE Bodega Bar in Cork city has been bought by developer Owen O’Callaghan, in a €7 million swoop, and is set to be redeveloped as a shop.

The landmark Bodega was developed 10 years ago by businessman Jay Bourke, who presents the TV programme The Mentor, with Eoin Foyle, and had been quietly on the market for sale throughout 2006.

However, its likely redevelopment as yet another retail play by O’Callaghan Properties will take many by surprise, given its award-winning status and acclaim as a bar, restaurant and entertainment venue.

Historic trading spot Cornmarket Street is poised for considerable upgrade, with a 17-unit, 110,000 sq ft high end fashion shopping development under construction on the opposite side of the street, due for completion late in 2007.

Nearby Kyrl’s Quay is another focus for multi-million euro developments.

Over 20 staff at the Bodega were told on Wednesday that the property had been sold, and were given two weeks notice that their jobs were to go.

Yesterday, a spokesperson for O’Callaghan Properties confirmed the purchase of the c 12,000 sq ft historic building, and said there would be a change of use to retailing, with up to 40 jobs provided.

“We are in active discussions with one planned user,” he commented.

O’Callaghan Properties have major Cork retail plans in train in the St Patrick Street/Emmet Place/Academy Street/Paul Street block, as well as down Half Moon Street and Lavitt’s Quay, with a range of units to suit the continuing influx of fashion and retail chains.

The Bodega building, a protected structure, may fit a user like Meadows and Byrne, currently in the Central Hall on Academy Street and a possible relocation play for O’Callaghan Properties.

Limerick furniture company Instore has been scouting a Cork location, while others looking to get large units in the city centre include H&M, Arnotts, Next, Zara and TK Maxx.

Cork City Council has recently appointed Catalan architect Beth Gali — who worked on the successful St Patrick Street, Oliver Plunkett Street and Grand Parade renewal projects — to design a €5 million revamp and new street feel to Cornmarket Street/the Coal Quay.