€40m Midleton development

A PHASED €40 million plus mixed development is coming out of the starting blocks in the East Cork town of Midleton - moving from its market town status to major growth centre.

Population of the town is expected to grown from 8,600 to 21,000 by the year 2020, with Cork county planners keen to see it absorb new commuter residents thanks to the prospects of a re-opening of the rail line .

Ironically, this prime Midleton urban site was first identified over a decade ago by Don Tidey as suitable for a Quinnsworth (now Tesco) store.

But the retailers first to move in are coming from Germany, with a McDonalds drive-through restaurant now underway.

Aldi are rumoured to be close to a deal to move into a slot at the WatersEdge scheme parallel to Midleton’s Main Street - and if confirmed will see the expansionist German retailer moving cheek to jowl with sibling but competing company Lidl, who are already in situ at this Heritage Developments’ scheme beside the Owenacurra river.

The €40 million-plus development is being progressed in phases, with longer-term plans also considered which would increase its scale again and add further elements, including significant residential accommodation totalling 250,000 sq ft.

Agent Frank Ryan of Colliers Jackson Stops is handling the scheme for Jim Colbert of Hertitage Developments, who acquired the former worsted mill site of over 30 acres in the 1980s.

Also advising in the development is accountant Joe O’Leary and architect David Naessens of Carr Cotter and Naessens, who specialise in master planning and design.

Importantly, while other retail schemes are proposed for Midelton at the Marts site (where Tesco plan to now locate, subject to planning) and on the Mill Road where Clayton Love has a retail plan in the offing, this site is urban in character and location, within the sweep of the by-pass road and a couple of hundred yards from Main Street via Church Lane.

Colliers Jackson Stops are looking for a restaurant operator to take 3,800 sq ft of first floor space over McDonalds, which will have river views, and say “it will suit as an ethnic-type eatery and has the capacity to be an important venue.”

Shop units on offer range from 900 sq ft and are aimed at video shop, bookies, deli/food hall, pharmacy and fashion users. Retail rents start from 30 psf.

Upper floors have from 700 sq ft of space and will cater for office/professional use, at rents from 15 psf.

According to Frank Ryan, a new planning application is to be made within two months for an additional major anchor retailer taking 15,000 sq ft, though he declined to confirm market reports that a deal is being finalised with Aldi.

This second phase of development will also include 9,000 sq ft of secondary retail use aimed at furniture/white gods retailers, six other shop units, and 36 apartments.

“When completed, Waters Edge will represent a new modern retail street for Midleton, designed to a high urban standard,” said Mr Ryan.

Details: Colliers Jackson Stops 021 4275454.