Cork’s premier main shopping thoroughfare is set for a second demolition and retail multi-million euro rebuild in the coming weeks.
Construction crews are due to move on a trio of centrally-located buildings by the former Pavilion Cinema on St Patrick’s Street, which have been acquired for redevelopment by Davy Real Estate, and who last year redeveloped the adjacent Moderne department store, now occupied by Superdry.
This second, subsequent Davy Cork city centre retail investment comes after a site assembly in a very visible and central location, now poised for a replacement 5,200 sq ft store, trading over two levels, behind retained and upgraded facades.
Davy reportedly paid c €1m for No 85 (previously Body Shop) last year and subsequently acquired nos 83, which had been occupied by Burkleys Jewellers, and no 84, held on a long lease by Gloria Jeans who are to relocate, off Patrick St.
The start of building work will see another crane come to Patrick Street, hot on the heels of JCD/BAM’s work on the former €50m Capitol cinema site redevelopment facing on to Grand Parade.
Due too for expansion are Penneys, yet to go for planning permission for their ambitious proposal to double their Patrick Street presence after major site assembly, and Merchants Quay SC too is set for redevelopment of its facade.
Agents Savills are handling negotiation on the new space at 83-85, and at the Capitol, and say “we expect strong interest in this property from an extensive list of active national and international retailers with current requirements for larger floor plates on Patrick Street, Cork’s premier retail thoroughfare.”
Work is due to start within weeks and delivery for fit-out could be within a further nine months, says Leigh Hegarty of Savills , quoting a rent of €275,000 for the new, “fit for purpose retail building,” with enhanced façade, new steel frame and lift and stair access.
It will have 260 sq m each of retail at ground and first floor levels, support offices overhead on two more floors and return frontage to Careys Lane.
Details: Savills 021-4271371
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