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Global retailers eyeing up Cork property

Thursday, April 24 10:18:53

International retailers are beginning to focus their attention on prime locations in Cork City Centre again, according to property consultants, Savills.

The firm, who have been appointed to handle the sale and letting of a number of properties on Patrick Street - Cork's main thoroughfare - say they expect a number of high-order retailers to rejuvenate the street this year.

Peter O'Meara, Director at Savills Cork said, "Stabilisation has returned to the retail sector in Ireland and there is now a slow but steady improvement in trading conditions. This has not gone unnoticed - a number of international retailers have expressed an interest in several high-end retail units in the city centre and we expect to see a commitment from a number of them in the coming months".

There are currently a number of vacant units on Patrick Street, however, Mr O'Meara said that the majority of these are due to leases expiring, and that there is now the opportunity for retailers to take advantage of more attractive lease terms.

"The current rate of vacancies would be a concern if there was nobody interested in taking the space. But with flexible leases now on offer, we are seeing top international brands showing a strong interest in what Cork has to offer, which is a huge opportunity to attract new, high level brands to the City."