The Loft, a Cork city centre furniture store with a rich history, is now up for grabs with a €6m price tag. This iconic landmark, owned by the Herlihy family, has been a staple of the area for years. The family has already envisioned a future for the site, collaborating with Douglas Wallace Architects to create a preliminary plan for a mixed-use development. The proposed project includes retail space and student accommodation, a move that could significantly impact the area's landscape.
The 21,000 sq ft site, located between Cornmarket St and North Main St, has undergone extensive preparatory work, making it an attractive prospect for potential buyers. The current proposal includes ground floor retail and 206 student bedspaces, but the flexibility of the property allows for a range of alternative uses, such as a hotel or hostel, subject to planning permission. This versatility is a key selling point, appealing to a wide range of investors.
The site's zoning, 'ZO 5, City Centre' under the Cork City Development Plan 2022-2028, allows for a variety of uses, including retail, residential, community, and hospitality. This zoning, combined with the site's strategic location, makes it an ideal candidate for a range of developments that align with the city's goals for compact growth and mixed-use generation.
The demand for student accommodation in Cork is particularly high, with an acute undersupply of Purpose-Built Student Accommodation (PBSA). The city has 29,000 full-time students, and recent research indicates a significant gap between the number of students and available PBSA beds. The proposed student accommodation at The Loft could help address this issue, but it's also worth noting that the site's location and zoning make it suitable for other uses, such as short-term tourist accommodation or private rented sector (PRS) housing.
The Loft's history is also worth mentioning. It sits on what was once Peter's Bazaar, a market-style complex developed in the 1840s by the Cork Corporation. Over time, the site evolved into a retail space, with The Loft becoming the main occupier. The building's dual frontage and proximity to other notable locations, such as the former Square Deal premises on Washington St, which was recently redeveloped as a PBSA, further enhance its appeal.
The site's potential is significant, and the Herlihy family's positive engagement with the Cork City Council regarding the proposed development of a PBSA scheme suggests a supportive environment for new owners. The property's high-profile location and substantial scale make it a rare opportunity for local, domestic, and international investors. With the city's ongoing regeneration projects and the potential for further development on Cornmarket St, The Loft could be a key player in shaping the future of Cork's city centre.
