The rapidly expanding German retail chain is to seek planning permission early in the new year for a standard-sized, 17,000 sq ft Aldi supermarket at the south-west corner of the 17-storey building, facing the south city link road.
It is the most high-profile site the company has set its sights on so far. It already has five Cork City stores, two in Ballincollig, and has more than a dozen planned for the city and county, with more than 20 proposed for Munster, all to be served from its €100m Aldi distribution centre in Mitchelstown, which opened in September.
News of the planned Aldi presence at the Elysian comes hot on the heels of confirmation yesterday of plans for a €50m, 200,000 sq ft office development in the same Cork City block, facing onto the Albert Quay, proposed by BAM Construction and John Cleary Developments.
Sources say lease terms were agreed this week between Elysian developers O’Flynn Construction, represented by Margaret Kelleher of Lisney, and Aldi, represented by Frank Ryan of DTZ Sherry FitzGerald. Rent is likely to be close to €400,000 a year, or over €20 per square foot, though neither agent would comment on the deal, which has been quietly negotiated over several months.
While the €150m Elysian development has had retail planning from day one, the specifics of the Aldi store will need city planning approval, it is believed.
Parking will be within the development, which launched in Sept 2008 and where an increasing number of apartments have been fitted out and rented during the past year. There is ground-level and basement parking within the building, as well as HGV access, with lift access from the basement to the corner retail unit earmarked for Aldi, next to Euromedic.