developments in cork

😮 Interesting to see the Painting & Decorating company has moved retailling from a wonderful redbrick premises at the corner of Parnell Place and Lower Oliver Plunkett Street, formally called Nelson’s Quay. The business has relocated to a suburban business park and leaves open the possibility of a sensitive (very sensitive) renewal opportunity at this location. Arthur O’Connor who possesses a pivotal corner site directly opposite Nelson’s Quay (across Oliver Plunkett Street) has set about refurbishing the building’s upper floors into a residential townhouse – pity that this entire corner from the Barber Shop around the corner and back to Deane Street hasn’t seen redevelopment activity to date – as this area is out of sync and an eye-sore on what could be an better measure and more tasteful larger scale development. However that may soon change.

😮 Also interesting is Gerry Barrett (of Edward Holdings/Monogram Hotels) and his involvement backing Topaz Energy’s acquisition of Statoil Ireland for the €285m. Topaz Energy, which is majority held by Ion Equity, and is already active in forecourt trading through its Shell Ireland operation will likely seek to merge activities between the 2 brands. As part of the acquisition, Topaz attains Statoil Distribution facilities in Dublin, Cork and Galway, among other centres. It would be interesting to see if merged trading activities free-up lands here for development. Notably, it could allow in activity transfers by Shell to more accessible Statoil facilities (such as those at the Tivoli Docks) – an example like that of Shell’s Cork Docklands facility could be a possibility. Currently Shell engages in costly distribution transfers of its deposits between facilities in Cork by vessels (petroleum is refined at its Ringaskiddy facility and transported to Centre Park Road for distribution – operationally it would make more sense to locate a distribution centre closer to the source of refinement or at a more accessible site; petroleum is offloaded on the quays at Marina Commercial Park and pumped across Centre Park Road to its distribution facility). It may make long term sense to wind up activity at the Docklands site in light of a new facility gained through the Statoil acquisition and allow the Cork Docklands site seek redevelopment. Would Gerry Barrett be interested in such an opportunity? Its all a speculative long-shot of course, but then again, Mr. Barrett has been sizing up opportunities in Cork over recent times and has made moves such as the purchase of a 4.25 acre commercially zoned site along the Airport Road for €13.8m. It is believed not to be his sole consideration in the Cork market over the coming future.

I’m just putting this post up here to answer some questions I get asked quite often so as to clear up or inform those who seek details. Sorry if I step to one-side from prime topics for a moment.

1. Aviation Development

I posted a few weeks back of news on a possible aviation development related to Cork which I would try and make known before July. I have held back on details as I do not have clarity on a number of issues – again, I may post some details as ‘speculation’ in the absence of such details. However the development does not relate to Cork Airport or the Cork Airport Authority.

2. Abercrombie & Fitch

Apparently some persons have not forgotten the post I made last July (2005) regarding the prospect of an expansion by highly popular US-based fashion chain Abercrombie & Fitch into Europe and possibly Ireland. The details here have mixed and matched over the last few months following a stir up in management with the company, most notably the resignation of Chief Operating Officer Robert Singer in August 2005 after only 15 months with the company. It was Mr. Singer who had championed the expansion of the chain into Europe and aided the set-up of a European-division based in Milan and headed up by former Gucci executive Francesco Giannaccari. A&F had agreed terms to open its 1st European store at Burlington Gardens situated off Bond Street, Oxford Street and Saville Row in London. The unit which A&F had intended to occupy was tenanted by retailler Jil Sander. Under Mr. Singer, A&F sought to open up to 20 stores across Europe – Ireland had indeed been cited as a destination for up to 2 possible stores in the short-to-medium term although this was never formally confirmed. Other locations cited included additional stores in the UK (and specifically London), Spain, Italy and unspecified Scandinavian locations. CEO Mike Jefferies has indicated recently that A&F is still committed to expansion in the UK, Canada and selected European markets but will do so cautiously. As I understand it, again, Ireland is well positioned given the generally high mark-up by many recent international trading names established here. Along with the UK, Ireland is increasingly seen as a ‘safe’ location for expanding US chains such as Guess? Jeans who are eyeing up a unit in a prospective retail development by Paddy McKillen’s Clarendon Properties just off Grafton Street in Dublin. Based on information a few months old, were any expansion into Ireland initiated, Dublin would represent the initial trading location (preferably city centre) with additional moves made based on the store’s performance, however regional expansions were not ruled out – though the individual markets remained unassessed. Outside the UK, other possible locations shortlisted for investigation included Barcelona and Milan. No set timeframe for a roll-out is clear. Undoubtedly such a prized catch would represent nothing short of a coup for proposals in locations like Academy Street, Joe O’Donovan’s plans or even the plans of Manor Park Homebuilders. Wishful thinking perhaps? :rolleyes:

The company operates 352 Abercrombie & Fitch (premium brand) stores, 163 Abercrombie (children’s clothing) stores, 289 Hollister Co. (slightly lower cost clothing) stores and 6 RUEHT stores across the US and Canada.