Paco is streets ahead

FASHION retailer Paco is back on a prime Cork City centre shopping street, 25 years after it opened its first Cork store.

It has moved into no 39, Oliver Plunkett St, a mid-terrace, four-storey building with 500sq ft at ground level and 400sq ft retail at first-floor level.

Next to Subway, it’s opposite Penneys and near Michael Guiney’s. Agent David McCarthy of Lisney had sought a rent of €35,000 pa and said the terms were agreed close to that sum.

Started by Paco Alexander Graves in 1988, Paco opened its first store 25 years ago in Cork City, at the Queen’s Old Castle Shopping Centre on St Patrick’s Street, and comprises of 17 stores nationwide.

That follows another recent profile retail-letting deal, across Oliver Plunkett St and within the niche Winthrop Arcade, which is for sale via Lisney for €950,000, and under offer with investors keen to take advantage of the seven-year relief from capital gains tax, for investments bought before the end of 2014.

Mr McCarthy let the 880 sq ft unit 10, in the arcade, to men’s fashion shop Salinger’s Bespoke, who have relocated from French Church St.

The ground-floor unit has window display frontage onto both the architecturally-distinguished arcade and onto Winthrop St. The men’s boutique, specialising in tailored suits, is run by Wayne Greene. The letting means just two units remain to be let at the Winthrop Arcade.

“Although the retail sector continues to be the most challenging section of the property market, retailers are seeking locations such as Oliver Plunkett St, where they see better value in terms of rent and lower outgoings than other prime, high-street locations,” said Mr McCarthy, who represented the landlords.

* Details: Lisney, 021-4275079.