New owners of former Cork Debenhams store progress plans for hotel development
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Intersport Elverys, the owners of the former Debenhams' store in Cork City centre, have scooped up another three properties on Maylor Street as part of a plan to develop a hotel and other accommodation facilities in the heart of Cork City.
The acquisition of 38-40 Maylor Street, in addition to the city’s iconic store which it bought last May, is being hailed as a “pivotal step” in helping restore city centre fortunes.
While the deal was done off-market and the price was not disclosed, the properties were due to go to market for in excess of €1.5m.
A spokesperson for Intersport Elverys said the group’s latest purchase will “breathe new life into previously vacant space in the heart of the city”.
“Our investment in 38-40 Maylor Street, on the heels of acquiring the landmark Roche's Stores/Debenhams building, underscores our belief in Cork city’s potential,” the spokesperson said.
He added that the property was being earmarked “for hotel and accommodation facilities in the future".
The purchase last year for €12m of the 153,000 sq ft Debenhams by the Elvery group of companies was the first step in a plan to redevelop the 1.6 acre site, with the emphasis on Maylor Street and the connection back into Merchant’s Quay Centre.
The premises are bound onto the rear of Debenhams and also have access to the rear service yard and Merchant Street, which connects to Parnell Place.
The deal to buy more property on Maylor Street was done in the last quarter of 2023, before it was due to go on the market for sale.
Cearbhall Behan, of Behan, Irwin, Gosling acted for the vendors and Peter O’ Flynn of Cushman & Wakefield acted for the Elvery group of companies.
When contacted Cushman & Wakefield managing director Peter O Flynn said “it made sense when looking at the overall site to include this additional block in any future development”.
“It provides additional access to Merchant Street and was the only other property on Maylor Street with a boundary onto the Debenhams’ service yard.
“As part of a larger site there should be exciting times ahead for this section of Cork City,” Mr O’Flynn added.
Mr Behan noted it was an excellent acquisition for the further development of Roches Stores / Debenhams site by Elverys and a big confidence booster for Cork city centre.
‘We are all looking forward to the re-development of this site and having this substantial and iconic building back open,” Mr Behan said.
The agent was acting for a group of private investors.
While the city centre suffered during the pandemic, Maylor Street, which adjoins Debenhams, had the double whammy of the flagship store’s closure in April 2020.
Traders on the street, which links Parnell Place with St Patrick’s Street, were particularly badly hit.
Other city streets enjoyed a bounce in business following pedestrianisation during covid, but Maylor Street, which was already pedestrianised, experienced the opposite.
A high number of vacant buildings and lack of activity caused a reduction in footfall.
The former Debenhams’ premises is due to re-open later this year. First on the agenda is a reopening of the front portion on St Patrick’s Street.
The company has indicated that it will include a flagship store for its own business.