Re: Re: Retail Space and Old Department Stores

Home Forums Ireland Look at de state of Cork, like! Re: Re: Retail Space and Old Department Stores


@mickeydocs wrote:

You make some excellent points Lex, and these are your best to date 🙂

Thank you mickeydocs for your most generous words – they are very kind, I sincerely appreciate them.

In response to jungle, a similar scenario occured in Cork not so long ago. Northgate Investments applied to develop a hostel adjacent to the Gate Multiplex and Apartments on Kyrls Quay. Permission was granted – within a few months of the development’s completion, entitled ‘Northgate House’, an application was submitted to Cork Corp. to change usage of the building from hostel to apartments. Permission was subsequently granted.

With relation to O’Callaghan Properties development at Jurys Hotel – I don’t believe the hotel element is intended for apartment usage. A deeply critical cynic may say otherwise, but I believe the hotel element was a focus from day one – if only a focus to the side of a much larger apartment proposal. As part of the deal with Jurys Doyle Group – the hotel element was very much a concern, and subsequently an arrangement was signed to agree to lease back the hotel from O’Callaghan Properties for at least 25 years at 2m euro p.a. A full leisure centre and conference centre are incorporated into the hotel structure. I think the deal works nicely in the fact O’CP get their 277 apartments and a guaranteed annual return of 2m p.a. before even one apartment is sold. While Jurys gain an extra 26 rooms, a brand new hotel, decent parking, adequate conference facilities and 30m from the sale of land to boot. A return of 2m p.a. isn’t a bad deal either. The cost of redeveloping the hotel on their own would have been far more expensive – and probably would not have corresponded to the standard of what is being proposed.

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