Cork's Opera Lane shopping street is sold in deal worth €20m-€30m

Opera Lane, Cork city’s first purpose-built shopping street, has been acquired by pan-European commercial property investor M Core in a deal understood to be valued at between €20m-€30m.

The transaction was completed earlier this year, marking M Core’s second acquisition in the Ireland market. Its first was in Dublin in 2025 when the property investor and asset manager acquired the Arena Centre in Tallaght for a reported €35m. 

At the time of acquiring the mixed-use scheme from London-headquartered private equity firm Henderson Park, it pledged to invest further in the Irish real estate market.

On becoming Opera Lane’s new “long-term owner” during the summer, head of Ireland M Core David Nolan made a pledge to “manage the scheme intensively — supporting the retailers who trade here, improving the experience for their customers, and keeping Opera Lane at the centre of Cork city life”.

[/url]Sebastian Macdonald-Hall, chief investment officer (Europe) at M Core, described Opera Lane as “a high-quality asset in a prime city centre location and a strong addition to our growing Irish portfolio”.

“We look forward to building on Opera Lane’s success and supporting its future growth,” Mr Macdonald-Hall said, adding that they had ambitions to expand further in the Republic.

“We see significant long-term potential across the country and will continue to look for opportunities where we can invest, add value and grow our presence,” he said.

Developed by O’Callaghan Properties (OCP) in the mid-noughties, Opera Lane was held by private investors for a time and was first brought to market in February 2023, when agents Cushman & Wakefield launched it with a guide price of €26.75m. At one point, a group of local investors expressed interest in acquiring it, but the deal did not advance after the closure in February 2025 of New Look, a fashion retailer that occupied a double unit on the street. 

That unit has remained vacant since, but it is understood letting agents Savills are in early talks with a potential replacement retailer. Otherwise, Opera Lane has a strong tenant line-up including national and international retailers, such as Tommy Hilfiger, Next, Specsavers, H&M, Victoria’s Secret, and Bath & Body Works.