Winthrop Arcade, Cork City's nod to Parisian chic, sold to local buyer for €1.7m
Winthrop Arcade, Cork City Picture: Denis Scannell
CORK City’s best stab at Parisian chic, the iconic Winthrop Arcade, has sold to a new owner for a sum believed to be in the region of €1.7m.
The Irish Examiner understands that the buyer is a Cork businessman and that it will be “business as usual” in the seven-unit arcade, probably the prettiest and quirkiest retail spot in the city.
The sale was handled by estate agents ERA Downey McCarthy, who manage the arcade, and while selling agent Seán McCarthy wasn’t in a position to confirm the sale price, it’s believed be around the asking of €1.7m.
Previous owner, Limerick-born, London-based Stephen D’Alton, who has property interests in London and Wicklow, bought the arcade in 2014 for a reported €750,000.
Mr D’Alton, who was the underbidder for the Capitol site on Grand Parade, has sold up as he spends most of his time overseas and believes the arcade needs a “hands-on approach”.
Designed by celebrated architects Levie and Chillingworth, who are also responsible for other commercial city landmarks such as the former Roches Stores building on St Patrick’s Street, it has the distinction of being the oldest covered shopping arcade in the country, having opened in 1926.
An article in the Cork Examiner dated March 8 1926 highlighted the exceptional materials used in the construction of the arcade, including marble, mosaic, mahogany, oxidised copper and decolite.
The arcade conforms with Tudor style externally, while internally the elegant art deco style is reminiscent of European arcades of the period. Original features include a beautiful glass dome, mahogany shop fronts and bronze-frame display windows.
Independent retailers in the arcade, which measures 4,500 sq ft at ground level and links Winthrop Street to Oliver Plunkett Street, include Best of Buds, Monreal, Cocoa Chocolateria and Joe Bros.
The arcade was originally configured as 12 retail units but the expansion of a number of tenant businesses led to the current seven unit layout, with an annual rent roll of €150,000.
