Capitol cinema site ripe for ‘Developments’

DEVELOPER John Cleary hasemerged as the preferred bidder for Cork city centre’s prime Capitol cinema site on Grand Parade, and aims to build a mix of big-box retail units, aimed at the likes of Zara and Forever 21, and fourth generation offices on the site which links back to Patrick’s Street. 

The development may also include an Innovation Centre, linked to the food sector and to the city’s famed English Market, now a top tourist draw and food resource.

The 0.64 acre site, which includes the Central Shoe Stores on Grand Parade and former bars the Oyster and the Vineyard with some Patrick Street retail frontage was guided at €6 million by agents Peter O’Meara and Leigh Hegarty of Savills, acting for receiver Eoin Ryan of accountants HLB McKeogh Gallagher Ryan.

“We have agreed a sale of the site, at a price close to our guide,” said the Savills agents yesterday.

“We received a large volume of enquiries from local, national and international parties, which endorses the scale of opportunity and prime position that the property offers,” they said but noted “we are not in a position to confirm the identity of the proposed purchaser at this stage, but can confirm it is a local developer.”

That developer is John Cleary Developments, who last night confirmed their purchase of the site, billed on its launch by Savills as “the last retail site of note in Cork city centre.” It had been assembled by developer Joe O’Donovan, at a reported cost of €70m.

Currently, JCD is on site building the €50m One Albert Quay office development, with Tyco and PWC secured as tenants, and they previously completed and tenanted 300,000 sq ft of offices in Mahon, Cork, in the teeth of the recession.

The proposed new Grand Parade development will be a mix of fourth generation offices to house 300 staff, with large retail units, suitable Inditex outlets like Forever 21 and Zara, who appeal to a wider cross section of ages. A brief comment from JCD noted the site “provides a unique opportunity to deliver a new Grade A retail and office development of scale in the heart of the city centre.

“There is substantial demand for large retail units which are currently not available in the city centre. We are in detailed discussions with a number of prospective retail tenants which will generate significant new employment and enhance the existing retail mix in the city centre,” it added, saying the proposed Innovation Centre being promoted by Food and Agriculture Minister Simon Coveney and City Hall “will be a huge boost to local tourism and city centre traders.”

Planning will be sought in coming months and “when complete we believe will represent a turning point for the city and provide more fourth generation space to indigenous as well as foreign direct investment companies,” said JCD.

* Details: Savills 021-4271371