No rookies in Cork's Queens Old Castle Argos set piece

The €4.25m Argos investment, in Cork City centre, facing the Capitol cinema redevelopment site, has been bought by neighbouring developers, Clarendon Properties, with a view to future redevelopment of their Queens Old Castle holding, on the Grand Parade.

The 10,000 sq ft Argos store, unit 2 at the former Queens Old Castle department store (it has roots back to the 1800s), went to market in November, for receiver Eoin Ryan, via Brian Olden and Rob Coughlan, of Cohalan Downing, who priced it at €4.25m.

It has a rental income of €924,000, on a lease due for expiry/renewal in 2017, and interest came from local private investors, institutions and, according to the agents, “from parties who saw further development potential there.”