Swiss Investor Expands Cork City Portfolio with €1.8m Landmark Acquisition
The commercial real estate landscape of Cork City continues to attract significant international interest, as evidenced by the latest acquisition on the city’s premier shopping thoroughfare. Mischa Khakshouri, a prolific Swiss investor and director of the Irish-registered Swiss Property Management Ltd, has purchased the former Tung Sing restaurant premises at No 23 St Patrick’s Street in a deal valued at over €1.8 million.
Strategic Acquisition at No 23 St Patrick’s Street
The building, a landmark on the street colloquially known to locals as “Pana,” currently houses the jeweller H Samuel on its ground floor. The upper floors, which previously served as the home of the Tung Sing Chinese restaurant until its closure in 2024, are now slated for a new chapter. The investor is actively seeking a new restaurant operator to occupy these upper levels, signaling a commitment to diversifying the city center’s dining and retail offerings.
A Growing Portfolio of Cork City Assets
This purchase is not an isolated event but part of a broader strategy by Khakshouri to accumulate high-value commercial properties in the heart of Cork. Since establishing Swiss Property Management Ltd six years ago, the investor has built a substantial presence in the city. Notable previous acquisitions include:
- Nos 43/44 St Patrick’s Street: The double-fronted property occupied by Holland & Barrett, purchased for €2.6 million in 2023.
- No 16/17A Winthrop Street: The former Ulster Bank premises, acquired for nearly €1 million in 2024.
Khakshouri recently highlighted the company’s successful integration into the local market, noting on social media that the firm is completing its fifth year of business in Cork.
The Evolution of St Patrick’s Street
St Patrick’s Street remains the primary shopping artery of Cork, running in a curve from Saint Patrick’s Bridge to Daunt Square. The street’s status as a prime retail destination was solidified following a major redevelopment in 2004, which earned it two awards as Ireland’s best shopping street.
The acquisition of the Tung Sing building coincides with other major redevelopment efforts in the area. For instance, the former Debenhams store—which previously housed Roches Stores and has been idle since 2020—is under the ownership of InterSports Elverys. Planning applications are expected to split the building’s ground-level front section into three separate units, featuring a large central retail presence to revitalize the site.
Key Takeaways for Investors
- International Confidence: Continued investment from Swiss capital indicates strong confidence in Cork’s city center commercial viability.
- Retail Diversification: The move to seek new restaurant operators for upper-floor spaces suggests a shift toward mixed-use retail and hospitality.
- Prime Location Value: St Patrick’s Street continues to command premium prices, with recent transactions ranging from €1 million to €2.6 million.
Looking Ahead
The influx of international capital and the planned restoration of idle landmarks like the Debenhams building suggest a period of renewal for Cork’s retail core. As Swiss Property Management Ltd continues to expand its footprint, the focus remains on maximizing the utility of these historic properties to meet modern commercial demands.