Three major developments add up to 'good week for Cork'
The planned extension of the flagship Penneys store in Cork city centre.Â
The planned expansion of Penneys, the go-ahead for the city’s tallest building and a government commitment to invest millions in the docklands have been hailed as “a good week for Cork” by the head of one of the country’s largest construction companies.
Michael O’Flynn, chair and CEO of the O’Flynn Group, said the developments were a “vote of confidence in the city”.
“Cork city needs a new wave of developments and I think it's great to hear that. It was great to hear about the infrastructure investment announced by the Taoiseach [Micheál Martin] this week and indeed Penneys. So it seems like a good week for Cork overall,” Mr O’Flynn said.
In relation to the decision by An Bord Pleanála to clear the way for the construction of a 34-storey hotel tower on Custom House Quay, which would dwarf the Elysian tower, built by the O’Flynn Group and once Ireland’s tallest building, Mr O’Flynn said he was “very happy to hand that mantle over”.
Penneys has partnered with the O’Flynn Group for support in the planning and development process as it prepares to lodge a planning application to increase its St Patrick St retail space by 17,000 sq ft, to 54,000 sq ft, within a central block on the city’s main street that Penneys now owns.
Mr O’Flynn said the group is “going to be involved in the planning and project managing” and that the public consultation process was already underway and should be completed before the end of the month, with the planning application lodged in April.
The main parties being consulted are local retail shops, Cork Chamber and Cork Business Association. Mr O’Flynn said “considerable engagement” has already taken place with Cork City Council.
He said they have worked with Penneys “over a long number of years” in assembling the block that stretches from Robert St to Cook St, and from St Patrick St to Oliver Plunkett St, creating one of the single largest real estate ownership blocks in the city.
“From our point of view it's great to be involved in a development where the outcome user is already in place so to speak,” he said.
And even though Penneys has acquired the entire block, Mr O’Flynn said a lot of the existing individual shops will remain separate, including four units on Cook St, with total floor areas ranging from 206 sq m to 739 sq m, and two units on Oliver Plunkett St, with total floor areas of 168 sq m and 403 sq m.
Currently, some of the smaller units are the subject of short term lets, with Lisney and Savills acting as joint agents.
These units are in addition to the 54,000 sq ft of Penneys retail space. Mr O’Flynn said a public consultation process four or five years ago had delivered strong feedback that some individual units should remain.
He said Penneys retail space will be over two floors (as it is at present) with storage, offices and staff facilities on the upper floors.
A third access point will be added to the store on Cook St, in addition to the existing St Patrick St main entrance and the rear entrance on Oliver Plunkett St.
“There is going to be a new access point on Cook St which will bring people into the heart of the store,” Mr O’Flynn said.
He said Penneys had “a very long association with Cork” and was very committed to the city and to expanding its offering in Cork.
Eddie Mullins, owner and managing director of Fitzgerald Menswear, which is just three doors down from Penneys, said the expansion announcement was very welcome at a time of such uncertainty for many retailers.
“From my perspective, Penneys attracts whole families and the kids come in and spend and leave with their product and the families go for coffee and crepes and it just brings great energy to the city.”Â
Mr Mullins, whose shop has been closed since New Year’s Eve, said they were using the lockdown constructively, but that he was hoping restrictions will be eased next month. His business had been buoyed by the lifting of restrictions before Christmas but the lockdown had forced them to abandon its New Year’s sale. It was a frustration that some of the bigger retailers were continuing to sell non-essential items, he said.
However, spirits had been lifted by the Penneys announcement and St Patrick St was being further revitalised by Clarendon Properties plans for transformation of the iconic Savoy complex, he said.
With all the investment announcements this week, the city’s future looked bright, he said.
Taoiseach Micheál Martin announced earlier this week that Cork City Docklands is set to benefit from a €353m investment, designed to transform the recreational, residential, and commercial areas, and prime the docklands for significant follow-up private-sector development.
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