Victoria’s Secret among brands leading retail recovery in Cork city centre

The parent company, Neve/Diamonds Direct manufactures its own diamonds for wedding and engagement rings and sells via its stores trading as Austen and Blake. It has agreed a deal off-market on the jewel-like No 22 St Patrick Street via agent Margaret Kelleher of Cohalan Downing, and has just applied for planning alterations to include reinstatement of the original style tall doors between the feature double bay curved glazing.

To generations of Corkonians, the diminutive corner shop is still fondly referred to as Cudmores, the sweets and fruiterers who had No 22 for decades: it was later occupied by Vodafone, and later by ices seller Gino’s Gelato.

Now, diamond jewellers Austen & Blake are set to open at No 22, between locally-owned Neville Jewellers, with a 50 year pedigree in Cork (at 21 Winthrop Street) and also Limerick, and high street brand H Samuel at 23 St Patrick Street.

Also understood to be under negotiation is Seasalt Cornwall at the old French Connection premises at No 86, via Savills, who are also understood to be in discussion with fashion jewellers Lovisa for a corner unit on St Patrick’s Street/Princes Street — the former Game Stop. UK-based company Seasalt, founded in Cornwall in 1981 and now with over 60 physical outlets is already in Clonakilty , West Cork, as well as in Kenmare and in Westport. Lovisa is now open in Dublin’s Henry Street. Savills have declined to comment on current negotiations.

Meanwhile, news of intimate wear retailer Victoria’s Secret (already in Dublin since 2018 at Grafton Street, Liffey Valley, and Dundrum Shopping Centre) and fragrance seller Body and Bath Works arrival in Cork’s ‘newest’ shopping street Opera Lane comes as agents Cushman & Wakefield relaunch the now-fully let Opera Lane retail investment with a guide price of €22m-plus (excl Vat), all in one lot, totalling 107,000 sq ft and anchored by H&M and Next.

There’s a rent roll of €2.2m and at the excess €22m guide reflects a net initial yield of 9.10% (after costs): the investment, was previously offered in March of 2023 at €26m with a then-cited rental income of €2.7m.

Since, new deals have been agreed on two more occupiers, Victoria’s Secret and Body and Bath Work to bring full occupancy, with a Wault now of 4.6 years to break and six years to expiry, for the investment on a full new retail street which was developed in 2009 by O’Callaghan Properties.

“Opera Lane is the premier retail destination located in heart of Cork city centre, situated just off St Patrick’s Street linking it to Emmet Place and Cork Opera House. St Patrick’s Street and Opera Lane are the nucleus of the city,” says Cork C&W MD Peter O’Flynn who says it links to the Crawford Gallery/Emmet Place/Opera House quarter where a new €30m gallery cultural investment is about to start, while a number of other new retailers have arrived post-covid.

Opera Lane is beside the major Dunnes flagship, faces Penneys (due a long-heralded major redevelopment), Brown Thomas, and Mango.

Mr O’Flynn says: “The city has seen a number of new store openings in the last 12 months; Flannels opened its second store in Ireland, after Blanchardstown; Easons, Dubray, Krispy Kreme, The North Face, and Carrolls Irish Gifts have all opened new stores on St Patrick’s Street.”

Weekly footfall in the city centre is put at 350,000 to 400,000 and Karl Stewart of Cushman & Wakefield said the Opera Lane investment sale offer “provides a strong rental return to a mix of international operators, which soon will boosted further with the opening of Victoria’s Secret and Bath & Body Works later this year”.

“There is also scope for further rental return with turnover top ups on a number of the stores which will benefit from the improving foot traffic in Cork city centre and Opera Lane.

Top three rent payers at Opera Lane are H&M at €939,000 or 29% of income, followed by Next at €272,000,and Tommy Hilfiger at €217,000 (each 12% of income). Other occupiers include Select+, Specsavers, Skechers, New Look, Therapie, and Starbucks all form part of the sale. “H&M and Next, have both recently committed long term in the development underlining their commitment to both the scheme and Cork itself,” say Cushman & Wakefield.

DETAILS: Cushman & Wakefield, 021-4275454