Following last week's news that Cork City Council was planning to sell three buildings on Parnell Place to an unidentified investment firm, it's now been revealed that the sale of 7-9 Parnell Place, as well as 1-2 Deane Street, has been agreed with Tetrarch Capital.
According to thecork.ie, Cork City Council originally purchased the properties in a strategic move to promote economic development in the city centre and facilitate the renewal of key city centre buildings that had become derelict. Tetrarch intends to convert the properties into a budget boutique hotel and designer hostel with ground floor bars and restaurants.
Lord Mayor of Cork Councillor Tony Fitzgerald commented: "The Council's purchase and sale of this high-profile site has maximized the benefit of these properties to the city. Their architectural heritage will be protected and their new usage will bring about employment and add further to the city's growing tourist offering."
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The Parnell Place/Deane Street development is one of several recent infrastructural proposals for the area. Dalata has put forth plans to open a new hotel opposite the site, while UCC hopes to develop a new business school nearby and Cork City Council have also invested €2 million in improving public space at Parnell Place.
All of the above proposals were reviewed by an independent assessment board, which recommended the acceptance of Tetrarch's plans. The recommendation was then subject to full Council approval on Monday 26 June.