Interest expected in Debenhams building

The agency overseeing the sale of the former Debenhams building on Patrick Street is expecting strong interest from buyers in Cork and beyond, the Cork Independent has learned.

The property, which has been empty since Debenhams left the Irish market in 2020, is now on the market for €20 million. Commercial real estate agency Cushman & Wakefield, which has an office on the South Mall, has been appointed to oversee the sale.

The agency has also been appointed to the sale of the former Debenhams site on Henry Street in Dublin which is going for a guide price of €55 million. Peter O’Flynn, Managing Director of Cushman & Wakefield Cork, said the St Patrick Street property is best suited to mixed use with the front of the building used predominantly for retail, and leisure and entertainment on upper floors.

Regarding the building’s extensive frontage onto Maylor Street, Mr O’Flynn said the agency sees it being redeveloped into apartments, hotel, and student accommodation, with retail and leisure uses on the ground floor. “As Maylor Street is pedestrianised and is a natural link to the public transport links, it is suitable for this type of use and can be very attractive,” he said.

He also confirmed that the traditional links from Patrick Street and Maylor Street to the Merchant’s Quay Shopping Centre and adjoining carpark are likely to be maintained. Mr O’Flynn said: “This is a very important sale for Cork city, one of the most iconic buildings on Patrick Street, dating back to the 1920s, it is essential we see it reopening for the benefit of the city centre.

“Obviously, it closed as part of the Covid-19 closures in March 2020 and Debenhams made the decision to leave the Irish market. “It is going to the market with a price tag of €20million and we believe there will be strong interest from both inside and outside of Cork city as it is one of the most high-profile blocks of property to come to the market in recent years.”

Both the Cork and Dublin properties are being sold by Nicholas O’Dwyer of Grant Thornton who Bank of Ireland appointed as receivers. Both buildings had previously belonged to the Roche family of Roche’s Stores.