Cork City Blacktie premises might suit

THE former Cork City Blacktie store is due for sale, within a week of the Irish suit hire company announcing it was going into liquidation, with closure of 11 shops from tomorrow, after a meeting in the Plaza Hotel, Tallaght.

The latest casualty of the retail downturn, and of changing trends, Blacktie’s closure ends a 27-year-long business for RTE’s Dragon’s Den entrepreneur, Niall O’Farrell, who set it up on a shoe-string; it swelled to 17 stores at peak. Blacktie is one of a number of the entrepreneur and property developer’s businesses, and he regrets its demise with the loss of dozens of jobs.

Mr O’Farrell recently stepped down from the RTÉ programme, and also sold his private Shrewsbury Road home, Thorndene, late last year for more than €5m, after three years on the market, down from an initial ask of €18m.

Now, Blacktie’s Patrick Street, Cork City building (it shut up business in October) has been put on the market by Mr O’Farrell, via agent Gerard O’Callaghan, of Remax.

No 123 Patrick Street is an extremely high-profile building, at the corner of Lavitts Quay and by St Patrick’s Bridge, directly opposite the Merchants Quay shopping centre, which is due a new facade following a planning approval.

It’s understood the four-storey No 123 is owned by Mr O’Farrell, who acquired it after a significant refurbishment by previous owners, Canada Life, and, at one time, it was a niche pub, the Swan and Cygnet. It has about 77 sq m at ground level and 266 sq m in all, with excellent display presence.

“If you want to be seen in business in Cork City, this is the place to go for” says Gerard O’Callaghan, predicting owner-occupier interest as well as investor inquiries. He says it may suit existing traders, with leases due to run our, who’ll take a long-term view on a purchase like this.

Price is €1.35m — and first up, and in, is best-dressed.

Details: Remax, 021-4277745