O’Callaghan Properties have acquired the leasehold interests on 95/96 St Patrick Street for over E400,000.
A PHARMACY move from St Patrick Street in Cork city to cheaper rents on Grand Parade signals the start of an emerging new retail presence on this old boulevard.
Unicare Pharmacy/Ryans has relocated to the Grafton Mall, fronting on to Grand Parade while, next door, UK hearing aid company Ultratone has taken on the lease on 35 Grand Parade.
City Manager Joe Gavin has spoken in recent weeks about his desire to see a stronger retail core on the Grand Parade, and has targeted the south western corner in particular.
Developers Frinailla, with the former Grand Parade Hotel under redevelopment, and adjoining property owner Paul Kenny, who owns the cleared riverside site backing on to South Main Street, have a prime block of properties here.
Unicare Pharmacy, trading as Ryans, has this week left 96 St Patrick Street (owned by the Irish Examiner’s pension fund) for Grand Parade, with developer Owen O’Callaghan acquiring the strategically located St Patrick Street lease on no 95, in a quietly negotiated deal for over 400,000.
Unicare/Ryan’s rent bills have been slashed from over 300,000 pa to about 40,000 for its new location. A premium of about 55,000 was paid for the 800 sq ft unit at Grand Parade/Grafton Mall, vacated by the UCC Downtown Centre.
Alongside, Ultratone Ltd, a UK retailer of hearing and medical devices, has taken on the lease of 35 Grand Parade, vacated by Crowley DFK accountants who have bought new space at the 5 Lapps Quay development. Denis O’Donoghue of HOK did the deal at no 35, and the UK chain has taken 70 sq metres at ground level and a small amount of first floor space at a rent of 45,000 pa, equating to a Zone A equivalent of 850 psf.
Meanwhile, property owner, estate agent and developer Joe Carey has been in final negotiations on the sale of the Goat Broke Loose bar on Grand Parade, which may form part of a larger retail precinct in a possible joint strategy with Paul Kenny.
Frinailla is already advancing on work on the Grand Parade site, destined for shops and apartments.
Estate agent Kevin O’Sullivan of Property Team O’Sullivan has just relocated across Grande Parade, from the bow-fronted no 49 to no 45, at the corner of Grand Parade and South Mall, vacated by Colliers Jackson Stop.
Finally, moves are still afoot by rival developers to assemble a retail block by the Capital Cinema.
And, across from the cinema, a striking new building/renovation is about to start on the street’s corner with the narrow lane Tobin Street, where Doyle’s Bar and an adjoining building will be redeveloped by the owners of the East Douglas Village hotel, bar and restaurant complex. Architects are Wilson Associates.
Details: Lisney 021 4275079
HOK 021 4271371