Price of East Cork cinema drops €305,000 in two years

The price of a recently-restored art deco cinema in East Cork has dropped by more than €300,000 in two years.

The Regal Cinema in Youghal, which was first listed for sale at an asking price of €600,000 in 2024, was re-listed this week at €295,000,.

This marks a significant drop from its original asking price.

Explaining the drop in price, selling agent Adrianna Hegarty of Hegarty Properties said that it comes following the cinema’s closure on Christmas Eve, with no trading figures available to prospective buyers.

“The cinema was open and trading at that point [when originally listed] so we’re selling it as is — it’s because there are no trading figures now — you buy it as you see it,” said Ms Hegarty.

Dating back to 1936, the landmark venue replaced what was the Hurst family’s second cinema in the town, The Hurst Picture Palace, which was destroyed in a fire in 1935.

It quickly became known as a staple in Youghal’s town centre, having achieved national recognition for hosting the Irish premiere of Moby Dick in 1956.

The cinema was extensively renovated in 2017, restored to a dual-function venue with capacity for 280 people.

The 439sq m property, which recently operated as both a cinema and wine bar, includes a concession area with original, terrazzo flooring and three screen rooms on the ground floor: One with 133 seats, another with 63 seats, and a third, which serves as a function room, that has capacity for a further 30 people.

On its first floor, the venue also has a fully equipped bar, which can accommodate up to 35 people, and an upper-hall mezzanine with an additional 23 premium seats.

Speaking to The Echo, president of Youghal Chamber of Tourism and Development, Kay Curtin, said that while it was “disappointing” to see the closure of the venue, business continues to thrive in the coastal town.

“I wouldn’t say this is a bad omen for Youghal,” said Ms Curtin. “Obviously, it was disappointing to see it close. We had heard it was only for a month, but with everything going on, it’s very hard [to run a business] at the moment.

“There is a great opportunity there with the cinema.

“It’s absolutely beautiful in there, but with how easy it is to get a film at home, a lot of people don’t want to come out, especially with the bad weather.

“However, development-wise and building-wise, there is a lot of work going on in the town, so we are on the up here in Youghal.”

Ger Flanagan, chairman of the Youghal Business Alliance, said the closure of the venue is a “huge loss” to the town.

“Being honest, I think the asking price of €295,000 is a more realistic price,” said Mr Flanagan.

“It’s been a great venue, and Youghal was the birthplace of moving pictures in Ireland. I know there is interest in the property, so I’m confident that the Regal cinema will reopen in the long term.

“Obviously, this is a huge loss to the town, and, for us at the Youghal Business Alliance, it was an events centre as much as a cinema,” said Mr Flanagan.