Prime Cork South Mall sites hit the market in €10m city-centre development opportunity

Vhi’s relocation from 70 South Mall, alongside key neighbouring sales, opens the door for a potential €10m block redevelopment in Cork

Vhi House at 70 South Mall joins Nos 67-69 for sale, along with a rear car park site, by No 71 which has planning for a hotel, with No 72 currently vacant

A property opportunity spanning what could be the front of an entire city-centre block is emerging in the heart of Cork’s commercial district. The move by private health insurer Vhi from 70 South Mall is likely to spark interest in a major site assembly for hotel, office, residential, or mixed-use development.

Vhi House, guided at €1.5m by Rob Coughlan of Cohalan Downing, served for decades as the insurer’s public office. It comes to market this week as Vhi relocates 25 staff to new premises at Horgan’s Quay, after closing its South Mall office earlier this month.

Vhi House at 70 South Mall

A Vhi spokesperson said they were “maintaining a strong presence in Cork and our team previously based at South Mall have relocated to a new premises at Horgan’s Quay.

“This office is not open to the public, reflecting the evolving ways our members now choose to engage with us — opting for the convenience of phone, online, or workplace-based support.”

The spokesperson added that the Vhi 360 Health Centre at City Gate, Mahon, remains fully operational with a wide range of health and wellbeing services for members.

The 1980s-built Vhi House, occupied since 1981, sits between two properties with development potential: Nos. 67–69 South Mall, including vacant offices, and No. 71, a former NIB bank branch.

Ex-NIB limestone-faced branch at 71 South Mall has planning for a 58-bed hotel. Next to it are the former offices of a city estate agent, with rear car park on Morgan Street being sold by Savills for Irish Life/Vhi

Planning for a 58-bed boutique hotel valued at €18m was granted several years ago at No. 71. The site later sold with planning permission for €3m, and earlier this year seasoned hotelier Shay Livingstone sought investors to deliver The Joshua Hotel there.

Also part of the evolving picture is a vacant corner building at 72 South Mall, once owned by the late auctioneer Liam Lynch and home for years to Keane Mahony Smith estate agency, adjacent to the landmark Imperial Hotel.

Carbery House aka 67-69 South Mall  as it might look as apartments

Immediately west of Vhi House, at 67–69 South Mall by Cook Street, sits Carbery House. Formerly Irish Life offices, it has full planning permission for conversion into 17 apartments.

Carbery House, which spans 15,000 sq ft across seven floors, also goes to market this week with full vacant possession. It carries an AMV of €2.25m, quoted by agent Dennis Guerin of Frank V Murphy & Co.

Mr Guerin said his overseas-based client typically buys and upgrades commercial properties but has decided to sell rather than take on the redevelopment himself.

Interior  at Vhi House 70 South Mall

Likely built at the same time as Vhi House, with which it shares several features, Carbery House was sold off-market in 2022 by Savills Cork for close to €2m. The buyer was Swiss Property Management Ltd, adding to its expanding Cork property portfolio.

Separately, a surface-level car park on Morgan Street, to the rear, is also for sale through Savills. Owned jointly by Irish Life and Vhi, the site adds to the potential for a prime city-centre block redevelopment.

South Mall entrance to Morgan Street

Savills agents Michéal Walsh and Isobel O’Regan described it as “a rare investment opportunity.” The gated car park has 19 spaces producing €51,300 per year, licensed annually. It reflects a net initial yield (NIY) of 7.18% at a guide price of €650,000.

Imperial values:  President of Ireland Michael D. Higgins and his wife Sabina Higgins were guests of Cork's Grande Dame The Imperial Hotel pictured with new owners Louis, Niamh and Helen Fitzgerald, after its €25m purchase

For investors assembling a block-scale development—hotel, office, or residential—the combined values are significant. 

Based on recent transactions and guides, the overall South Mall block could be worth north of €10m: €3m for the No. 71/NIB hotel site, €2.25m for Carbery House, €1.5m for Vhi House, and about €650,000 for the Morgan Street car park.

DETAILS: 70 South Mall: Cohalan Downing, 021-277717;

Nos 67-69 South Mall: Frank V Murphy & Co 021-4274204;

Morgan St: Savills 021 4271371.