The iconic Clerys building on O’Connell street, which has been empty since its controversial and sudden closure in 2015, may have a new lease of life as an international investment group has struck a deal for the premises.
Europa Capital, a real estate fund manager that’s part of the Rockefeller Group, are said to have acquired the building for more than €60m in a landmark deal.
Their portfolio already includes developments across Europe, and in the UK.
The former department store – a stalwart on the capital’s main street – shuttered its doors suddenly three years ago, with staff only being given 30 minutes to gather their belongings and leave the building.
Locals around the area have credited the loss of ‘the grand old lady’ with a decline in atmosphere on the historic street, with O’Connell Street now largely just home to a handful of shops and fast-food chains since Clerys abrupt closure.
The O’Connell Street Revival Society has previously called for a revamp of the main street, claiming that it’s become associated with derelict buildings and antisocial behaviour in recent years.
The sale of the landmark building is said to have been completed last week, with plans already in motion to transform the well-known establishment into a central hub.
It’s expected to become a mixed-use building, comprising offices, retail units, leisure facilities and a boutique hotel.
The development is predicted to create up to 1,400 jobs during construction and once it’s completed.