Douglas Court takeover ‘very positive’ boost for local retail

DOUGLAS Court Shopping Centre has been acquired under a multimillion-euro deal, with the new owners pledging to invest in and revitalise the 10-acre retail outlet, a commitment that the Lord Mayor has said proves Cork is an attractive place to invest.

The acquisition by the O’Leary family of O’Leary Insurances is valued at approximately €25m. Existing tenants will remain unaffected by the purchase.

Lord Mayor of Cork, councillor Kieran McCarthy was among those who welcomed the new chapter ahead for the shopping centre.

“It’s great that it was bought by a Cork-based family so they’re on the ground and they have a track record of doing great things for the city.

“Douglas Court Shopping Centre has been around for a number of decades now, it needs a major revamp, a major refresh. You’d always see it busy at the weekend, but it’s not as busy during the weekdays so it’s important that someone comes in with fresh ideas,” he told The Echo.

Mr McCarthy said the purchase is proof Cork is still an attractive location to invest in.

“Yes, businesses are closing but there are also businesses that are opening and investor confidence in Cork is high at the moment,” said Mr McCarthy.

“I’m not of the view that there’s doom and gloom, but there’s certainly challenges around rents, wages, insurances.”

Mr McCarthy added that he wished the best of luck to the new owners of Douglas Court Shopping Centre with their future plans and encouraged people to continue to shop local.

The partnership behind the takeover is made up of Anthony, Peter, Nicholas, and Robert O’Leary.

“We are delighted to take on the responsibility of Douglas Court Shopping Centre,” said Anthony O’Leary.

“Our family has deep business roots in Cork, and we see this as an opportunity to contribute to the community we hold dear.

“Our vision is to make Douglas Court Shopping Centre a destination that not only meets the needs of contemporary shoppers, but also serves as a catalyst for local business growth. We are committed to enhancing the shopping experience, attracting new businesses, and ultimately creating a dynamic and thriving local retail destination.”

Local Fianna Fáil councillor Mary Rose Desmond also spoke positively about the purchase of the shopping centre. “The O’Leary family have a trusted reputation in business over many decades and that all bodes well for the future of the centre, the traders, and in turn Douglas Village in general,” she said.

“I look forward to seeing the plans they have for Douglas Court. Investment in any of the businesses in the village is good news for all.”

Meanwhile, Fine Gael councillor Shane O’Callaghan likewise hailed the acquisition as a “very positive” development.

“Such a move is certainly a vote of confidence in retail in the Douglas area.”

His party colleague, councillor Deirdre Forde, was similarly enthused by the update, which she described as “super news”.

“It was crying out for investment and has great potential. Of course, we will have to see the plans for development and I’m sure there will be plenty of interest in the consultations.

“I’m delighted it’s such a well-known Cork family also with a proven track record,” she said.

“Douglas has only a small main street, so to speak, so most business is between the two shopping centres.

“The recent takeover of Douglas Village Shopping Centre will add a competitive edge which can only benefit shoppers.”