Iconic Cork retail gem Winthrop Arcade is up for grabs for €1.7m
THE Winthrop Arcade, one of Cork City’s prettiest and quirkiest retail spots, has been put on the market by its Limerick-born London-based owner for €1.7m.
Stephen D’Alton, who was the underbidder for the Capitol site on Grand Parade, said he had taken the decision to sell as he spends most of his time overseas “and it needs to be taken care of, it needs a hands-on approach”.
Mr D’Alton bought the iconic arcade in 2014 for a reported €750,000 when he spotted it during a one-night stopover on his way to West Cork. It was for sale with Lisney, on behalf of receivers KPMG.
“I had no interest or connection with Cork City at the time, but I spotted the arcade and I saw its potential.
“I thought its features were hidden away and that it was a bit lost and sad looking, but I thought it was a gem, and quite quirky,” he said.
He spent time “fixing it up” and worked on attracting strong, local independent retailers and he gives much of the credit for this to florist Carole Horgan of Best Buds who is at Unit 11/12 in the arcade.
Today, the fully-tenanted Winthrop Arcade is a gleaming example of what can be achieved when a considered approach is taken to ensuring a property’s future.
Designed by celebrated architects Levie and Chillingworth, who are also responsible for other commercial city landmarks such as the up-for-sale Roches Stores building on St Patrick’s Street, the up-for-rent Beamish & Crawford Counting House and the soon-to-be redeveloped Odlums building on Kennedy Quay, the premises, with 4,500 sq ft at ground level, has the distinction of being the oldest covered shopping arcade in the country.
It opened in 1926, providing a covered-in link between Winthrop Street and Oliver Plunkett Street, and has remained substantially the same, despite attempts by a previous owner in 2010 to reduce 12 units to just two and to remove the striking curved glass shop fronts. An Bord Pleanála blocked the changes, following an appeal by An Taisce.
The upshot is that it retains almost all of its original architectural features, in particular the beautiful glass dome, mahogany shop fronts and bronze-frame display windows.
Selling agent Seán McCarthy of ERA Downey McCarthy, said it retains “all of it original charm and elegance” while Mr D’Alton, who owns private members’ club the Century Club in London’s Picadilly and the complex that houses the Firehouse Bakery & Café in Delgany, Co Wicklow, says “it has some of that essential Cork charm and character” unlike some of the “bland retail” in other parts of the city. The arcade also retains its original ornate clock.
Mr McCarthy said the sale of the arcade “resents a unique opportunity to acquire a part of Ireland’s retail history...the jewel in Cork’s retail crown”.
An article in the Cork Examiner dated March 8 1926 highlighted the exceptional materials used in the construction of the arcade, including marble, mosaic, mahogany, oxidised copper and decolite.
Architecturally, the arcade conforms with Tudor style externally, while internally the elegant art deco style is reminiscent of the wonderful European arcades of the period. It’s described as part of a group of “historically important buildings on Oliver Plunkett Street” on the heritage website, Buildings of Ireland.
The arcade was originally configured as 12 retail units but the expansion of a number of tenant businesses has resulted in the current seven unit layout, with an annual rent roll of €150,000.
Some of Cork’s best known and well-established independent retailers have units in the arcade, including Best of Buds, Monreal, Cocoa Chocolateria and Joe Bros.
The sale includes 9 Robert Street, a semi-independent building to the main premises.
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