Deka €200M Mahon Point Plan Approved: 251 Apartments, 13,000 Sq M Retail

Deka Immobilien, a German real estate giant, received planning permission from Cork City Council on Tuesday to proceed with its €200 million plan to redevelop and expand Mahon Point shopping centre. The application was submitted last July.

The development will add 13,000 sq m of retail space to the existing 77,767 sq m ground floor space, include 251 apartments, a 6,434 sq m five-storey office block, and a multistorey car park. Permission was also granted to develop open space "civic areas, including a market square." Demolition of the existing western facade of the shopping centre will be required. The permission is subject to 52 conditions, many relating to waste management and traffic management.

Transport Infrastructure Ireland raised concerns in March about "a recognised deteriorating traffic situation" and a "deficiency" in the "data, analysis and mitigation measures" in the proposal. The development could bring the total value of Deka Immobilien’s Mahon Point scheme to around €500 million.

Deka Immobilien entered the Irish shopping centre market in 2005 with its €250 million acquisition of Mahon Point and also bought the Whitewater Shopping Centre in Newbridge, Co Kildare, for €180 million in 2016.