FASHION retailers are to the forefront of interest in the just-amalgamated retail unit at No 83-85 Patrick Street in Cork city centre, where four floors now provide 5,600 sq ft of modern retail and office/storage, in an investment by Davy Real Estate.
Agents Aisling Doyle and Lia Dennehy of Savills, Cork, say with the scaffold removed and the three facades revealed at this ‘High Street’ junction with Careys Lane, retail interest is expected to consolidate in autumn.
They seek a rent of €250,000 pa, with 2,800 sq ft retail available at ground.
Despite a currently patchy retail scene since early 2017, recent positive moves have seen The Capitol now completed with 40,000 sq ft MSU retail space occupied by TK Maxx’s HomeSense, next to Lifestyle Sports, plus the Oyster bar, with 50,000 sq ft of offices overhead. Lifestyle Sports relocated from the former River Island unit on Patrick Street and their smaller space there is expected to come available soon as a sub-let.
Another home goods company Sostrene Grene opened for business a number of months ago at No’s 74/75 Patrick Street in the former Mothercare building, and Savills’ Ms Dennehy says a deal is just now agreed at Quills by the Savoy, opposite Debenhams, to an as-yet unidentified, non-fashion new trading arrival to Cork.
O’Callaghan Properties Opera Lane scheme is now fully occupied, after H&M grew their presence to 35,000 sq ft. And Penneys are finally likely to lodge for planning of major expansion in the next month, and internal changes at Merchant Quay are also set to start shortly under its new ownership.
However Savills yesterday confirmed that the Italian restaurant chain Carluccios has pulled out of plans to open in Cork city centre at French Church Street, at the back of the Moderne building. The Moderne’s makeover was also overseen by Davy Real Estate, which holds €290m of Irish real estate assets. It achieved a three year return of 27.3% up to the 31st December 2016.
Savills 021 4271371
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