Sale of retail street Opera Lane hits the high notes

Cork's purpose-built shopping street sells for €20m+

M Core’s Cork acquisition comprises a 107,251sq ft (9.964sq m) modern open-air retail development, which includes 12 retail units. Pictures: Larry Cummins

Opera Lane, Cork city’s first purpose-built shopping street, has been acquired by pan-European commercial property investor M Core in a deal understood to be valued at between €20m-€30m.

The transaction was completed earlier this year, marking M Core’s second acquisition in the Ireland market. Its first was in Dublin in 2025 when the property investor and asset manager acquired the Arena Centre in Tallaght for a reported €35m. At the time of acquiring the mixed-use scheme from London-headquartered private equity firm Henderson Park, it pledged to invest further in the Irish real estate market.

On becoming Opera Lane’s new “long-term owner” during the summer, Head of Ireland M Core David Nolan made a pledge to “manage the scheme intensively — supporting the retailers who trade here, improving the experience for their customers, and keeping Opera Lane at the centre of Cork city life”.

Sebastian Macdonald-Hall, chief investment officer (Europe) at M Core, described Opera Lane as “a high-quality asset in a prime city centre location and a strong addition to our growing Irish portfolio”.

“We look forward to building on Opera Lane’s success and supporting its future growth,” Mr Macdonald-Hall said, adding that they had ambitions to expand further in the Republic.

“We see significant long-term potential across the country and will continue to look for opportunities where we can invest, add value and grow our presence,” he said.

The investor, active in seven countries, has had a busy year, starting with a flurry of retail acquisitions across Britain, while also expanding its office portfolio, and growing occupancy across other assets. The group also entered the Italian market for the first time, acquiring four retail destinations for about €300m. M Core invests in retail and multi-let industrial assets throughout Europe, with operations across the UK, Poland, Romania, Spain, Ireland, and Germany, and continues to consider expansion into further countries.

Following the investment into Italy, the group held approximately €6bn of invested assets.

M Core’s Cork acquisition comprises a 107,251sq ft (9.964sq m) modern open-air retail development which includes 12 retail units arranged along a pedestrianised thoroughfare linking St Patrick’s Street — the city’s main street — with Emmet Place, where the Crawford Art Gallery is undergoing a €93m redevelopment.

Developed by O’Callaghan Properties (OCP) in the mid-noughties, Opera Lane was held by private investors for a time and was first brought to market in February 2023, when agents Cushman & Wakefield launched it with a guide price of €26.75m. At one point, a group of local investors expressed interest in acquiring it, but the deal did not advance after the closure in February 2025 of New Look, a fashion retailer that occupied a double unit on the street. That unit has remained vacant since, but it is understood letting agents Savills are in early talks with a potential replacement retailer. Otherwise, Opera Lane has a strong tenant line-up including national and international retailers, such as Tommy Hilfiger, Next, Specsavers, H&M, Victoria’s Secret, and Bath & Body Works.

The sale of Opera Lane ranks among Cork City’s most significant commercial property transactions this year, reflecting continued investor interest in established city centre assets. Of a similar scale was the acquisition in January of another OCP development, Half Moon Street, by John Cleary Developments (JCD) in an off-market deal valued at around €30m.

The Cork-headquartered property firm bought the city centre building from global property investment company Kennedy Wilson, who had paid OCP €36.3m for the mixed-use development in 2019. OCP completed the 115,000sq ft (10,700sq m) development in 2010 and its most high profile tenant was tech giant Apple, whose staff subsequently relocated to Horgan’s Quay and, more recently, to Apple’s expanded Hollyhill campus.

JCD has invested €5m in upgrading Half Moon Street and recently lodged a planning application to convert the substantial basement area into a leisure arcade. Overhead offices have also been upgraded.

Meanwhile on St Patrick’s Street, shoppers remain hopeful of a Christmas opening at the former Debenhams/Roches Stores premises where the builder’s wrap was recently removed to reveal a refreshed facade.

The landmark store has been closed since 2020 and its new owner. Intersport/Elverys, has been busy pumping millions into internal and external upgrades.

In nearby Merchant’s Quay shopping mall, German supermarket Lidl is due to open a new store today (Weds) in the unit previously occupied by Supervalu.