Cork's €60m Penneys upgrade sparks interest as neighbouring AIB bank hits market for €3.5m

A former AIB branch on Cork city's St Patrick's Street, located beside Penneys, is on the market for €3.5m

Wed, 02 Apr, 2025 - 18:15

Property Editor Tommy Barker reports

A BANKER of a buy comes to market this week in the rejuvenating retail heart of Cork city, at a pivot point on St Patrick’s Street: the ex-AIB branch has a multi-million euro price tag, but could be bought for, well, Penneys.

Offered by private investors with a €3.5m price tag is the vacant former banking hall at No 26 St Patrick’s Street linking to 19 Winthrop St, in a truly prime position between Brown Thomas and Penneys, with a surprising 11,650sq ft in all.

The vacant pivot position property includes a yard on Robert St, facing Penneys where reconstruction and very significant extension is expected to begin during the second quarter of this year:

No 26 St Patrick Street, on right hand side of central block of five outlets, adjoins Penneys. Agent Siobhan Young of Cushman & Wakefield guides at €3.5 million

Penneys currently has a two-storey bridge above street level on Robert St for services/goods access.

The long heralded €60m investment will extend the current Penneys on 27–30 St Patrick’s Street into premises it acquired in a major site assembly on Cook St and Oliver Plunkett St.

It will add 17,000sq ft in all to bring Penneys’ city centre presence in the southern capital to 54,000sq ft. Separately, Penneys invested €4m in upgrades to its store at Wilton Shopping Centre, part of the Primark strategy to invest €250m in its Irish presence by 2031.

No 26 has Penneys to one side, and a few doors away Brown Thomas occupies 18 to 21, whilst BT’s is currently also investing in upgrades in its Cork store, including its beauty hall.

Meanwhile, a masterplan is being finessed for the former Roches Stores/Debenhams at 12 -17 St Patrick’s Street by new owners Intersport (who also added to its footprint behind with a further purchase on Maylor St). It will hold mixed uses, with retail to the front with a major anchor tenant being wooed.

In the midst of all this shops renewal and rebound post-covid — and as retail repositions on high streets internationally in the online shopping era — comes No 26 St Patrick’s Street, facing Dunnes flagship store, and Mango. It could suit for retail use, hospitality/food and beverage, or even a niche hotel, hostel, or other accommodation, as well as apartments.

Under Penneys bridge. Image: Larry Cummins

AIB shuttered the branch at No 26 and its link to Winthrop Street in May 2021, moving services to 66 South Mall, leaving just two bank branches on the city’s traditionally prime shopping thoroughfare.

Left still are Permanent TSB at 40-41, where it has just done façade upgrades, and Bank of Ireland at 70 St Patrick’s Street, next to Waterstones by St Peter and Paul Street.

Selling agent for the ex-AIB branch is Siobhan Young, divisional director with Cushman & Wakefield who describes the setting as strategic, and says “the sale provides investors with a mixed-use opportunity to acquire a large building with frontage onto two of Cork’s premier retail streets; St Patrick’s Street and Winthrop Street”.

“This property is deceptive in size as it has traditionally been associated as a banking hall: however, its scale should not be underestimated given the dual address of 26 St Patrick’s Street and 19 Winthrop St in addition to the large yard to the rear.

“Being sold with vacant possession, there is a great opportunity to create a large, mixed-use property suited to both commercial and residential uses in the city centre core. Given its scale and core city centre location, the property is suited to a wide range of mixed uses including retail, food and beverage, residential, a hotel or hostel, education, and offices subject to planning permission,” Ms Young outlines.

Side view of 26, left, and Pennys, right, at the junction with Robert Street. Pic: Larry Cummins

Zoning in the Cork City Development Plan 2022 – 2028 is “to facilitate the development of the central area and to promote its role as a dynamic mixed used centre for community, economic, civic, cultural and residential growth”.

The property extends to 11,650sq ft in total, while the former banking hall has 4,609sq ft of this on the ground floor, with overhead offices, board room, meeting room, etc, over the next two floors.

The section at 19 Winthrop St faces McDonalds, is near the GPO on Oliver Plunkett St, the Long Valley bar, BT’s, Smiggle and Boojum, while organic food company Sprout & Co are currently fitting out an outlet at the former Ulster Bank premises on Winthrop St at nos 16/17A, acquired by a private overseas investor for close to €1m.

Other new retailers to Cork’s city centre include Mango, Mountain Warehouse, Victoria’s Secret, Bath & Body Works, and Austen & Blake jewellers a few doors away from No 26 at No 22, on the junction of St Patrick’s Street and Winthrop St.

The block, predominantly three-storey, was built after 1922, after the burning of Cork by the Black and Tans in 1920 saw up to 20 premises razed and later replaced.

DETAILS:

Cushman & Wakefield
021-4275454, cushwake.ie