Elverys tycoon leads investors in €12m purchase of Debenham's landmark former store in Cork
The building, designed by Chillingworth & Levie, extends to almost 14,214sq m and operated as Roches Stores for almost a century before the Roche family leased it to Debenhams in 2006. It is described as having a “very impressive facade with its feature copper dome, which is iconic in the city”. It has almost 45m of frontage on to Cork’s “premier shopping street”. In addition, there is return frontage of almost 121m to Maylor Street.
The acquisition of the St Patrick’s Street landmark brings to an end a protracted sale process, involving numerous potential suitors. A number of parties ran the rule over the property, including Michael O’Flynn’s O’Flynn Group; JCD Group; O’Callaghan Properties; and Clarendon Properties, the company controlled by Tony Leonard and Paddy McKillen. While their interest in the building was to be expected given their long track record of development in the city, the bid by Dublin-based investment firm Ballybunion Capital came as more of a surprise.
The company, which was founded by Patrick O’Sullivan and acquired by Jersey-headquartered JTC Group in 2021, had already hit the headlines last year when it paid €85 million for the mixed-use Point Square scheme in Dublin’s north docklands. The price paid represented a premium of 13 per cent on the €75 million agent Savills had been guiding when it offered the property to the market on behalf of joint statutory receivers Stephen Tennant and Paul McCann of Grant Thornton.
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