Retail pick-up boosts investments in Cork city centre

Investment property activity is continuing through to year’s end in and around Cork city centre streets by the Penneys site, which is expected to go forward for planning permission next month for a major redevelopment, after a two-year site assembly

Penneys/Primark has spent more than two years and €15 million buying up properties on Patrick Street, Cook Street and Oliver Plunkett Street, to enable it to double its city centre presence, from 35,000 to 80,000 sq ft, and its plans have had a ripple effect on confidence, values and occupancy levels on neighbouring streets.

Already, Penneys’ plans, plus redevelopment moves at Merchants Quay shopping centre, have prompted the start of a domino effect of relocations along Patrick Street; there’s a marked impact on previously high vacancy levels, while the opening of Superdry in October played a role in restoring retail confidence, allied to a surge in consumer spending.