Cork City Retail Properties: High Demand & Investment Opportunities
Mannix Retail Portfolio Sale Signals Positive Trends for Cork City Centre
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The sale of the Mannix family’s Cork city centre property portfolio is attracting notable interest,indicating a resurgence in retail confidence,according to Savills Ireland.
background: The Mannix Legacy and Portfolio
Longtime Cork clothes retailer Mannix is currently selling its entire property portfolio in the city centre. The portfolio comes to market following the death of Dónal Mannix earlier in 2024, a prominent figure in cork’s past “rag trade,” as reported by The Echo.
The properties included in the sale were not explicitly detailed in the initial report, but the interest they are generating suggests a positive shift in the city’s retail landscape.
Shifting Retail Patterns in Cork
Peter O’meara,a director at Savills Ireland,highlighted evolving preferences among retailers seeking locations in cork. He noted a clear pattern in their expansion strategies.
“Their first port of call is usually Blanchardstown and Liffey Valley,” O’Meara stated, referring to major shopping centres in Dublin. “But their next port of call is usually Patrick Street.”
Patrick Street is considered the primary fashion hub not only for Cork but also for the wider region. Following Patrick Street, retailers typically consider Mahon Point shopping centre and the Crescent Shopping Centre in Limerick.
O’Meara also observed a recent resurgence in interest from food and beverage groups in Cork city centre. “We had very few food and beverage groups interested in the city centre in the last two years, but all of a sudden in the last two or three months there’s been a number of international brands looking to come to Cork.”
Property Details and Exclusions
The property at 40-42 Washington St, formerly occupied by Mannix and Culhane, is not included in the current portfolio and remains under separate ownership. The store closed in March 2024.
Implications for Cork City Centre
The strong interest in the Mannix portfolio suggests a growing belief in the viability of brick-and-mortar retail in cork city centre. This is especially noteworthy given the challenges faced by traditional retail in recent years due to the rise of online shopping and economic fluctuations.
The renewed interest from international food and beverage brands further diversifies the city centre’s offerings and enhances its appeal to both residents and tourists.