20 September 2026
By Tom Collins
tom@TheCork.ie
Cork Business & Retail News
Joint venture partners Patron Capital and Lugus Capital have completed a €2.5 million investment programme at Blackpool Shopping Centre, marking a significant new chapter for the landmark Cork retail destination, its retailers and the wider northside community.
The investment has delivered a comprehensive upgrade of the centre environment, including new flooring, improved lighting, new bulkheads and signage and enhancements across public areas. It forms part of a wider strategy to build on the centre’s established strengths – its accessibility, loyal customer base, retail mix and community links – while creating a modern environment capable of attracting new retailers and customers.
Open for more than 25 years, Blackpool Shopping Centre and Retail Park is home to over 60 businesses supporting more than 1,900 jobs. The ownership partnership also intends to position the Shopping Centre and Retail Park as one integrated destination offering retail, food, services and leisure. Recent new additions to the shopping district include, JYSK, Eason, Kerry Hanaphy, The Pantry & Box’d coffee.
Roger Dineen, Lugus Capital; EU Commissioner, Michael McGrath and John Hartnett, Centre Manager, Blackpool pictured at the official relaunch of Blackpool Shopping Centre following the completion of a major multimillion-euro refurbishment. The significant investment reflects a strong vote of confidence in Blackpool and Cork’s northside, supporting the continued growth and development of the area while enhancing the experience for local shoppers, families, businesses and retailers.
Picture: Alison Miles / OSM PHOTO
The investment comes at a time of wider planned development in the area, including the new railway station at Kilbarry, which will significantly enhance public transport connectivity for Blackpool and support its future growth.
European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, Michael McGrath said:
“This investment is a very positive statement of confidence in Blackpool, in Cork’s northside and in the future of established retail centres that play such an important role in the communities they serve.
For more than 25 years, Blackpool Shopping Centre has been part of the fabric of life in Cork, serving generations of families and providing an important hub for local employment and enterprise. Investment on this scale will help ensure that the Centre continues to play that role into the future – supporting jobs, creating opportunities for retailers and businesses, and providing a high-quality environment for the thousands of people who visit and use the Centre every week.”
Roger Dineen, Head of Asset Management Lugus Capital, said:
“The rationale for this investment has been to protect the centre’s strengths while improving the environment in which our retailers operate and our customers shop. The refurbishment is the most visible part of that programme, but our ambition goes beyond the physical improvements. We want to continue strengthening the tenant mix, attracting new brands and creating a destination that can perform strongly for the long term.”
Stephen Green, Senior Partner , Patron Capital, said:
“Blackpool has an established place within the Cork retail market and, importantly, within its local community. Together with Lugus Capital, we saw an opportunity to make an impactful investment in the centre, enhance the quality of the environment and position it strongly for its next phase of growth.
“The work completed to date is a clear demonstration of that strategy in action. We believe there is further potential to be realised at Blackpool and remain committed to working with Lugus and the wider team to support the centre’s continued development.”
ENDS
Notes:
Blackpool Shopping Centre
Blackpool Shopping Centre has served Cork’s northside for 26 years and is an established retail and community destination within the city. The centre combines a broad mix of retailers and is serviced with accessible parking and a strong convenience offering, supported by a loyal local customer base and longstanding links with the surrounding community.
A significant refurbishment programme has recently been undertaken, including improvements to flooring, lighting, bulkheads , signage and the overall mall environment. The investment is intended to provide a refreshed, modern and welcoming customer experience while retaining the familiarity, convenience and community connection for which Blackpool is known. The relaunch and 26th anniversary celebration marks the next stage in the centre’s development, with a focus on continued investment, renewal and strengthening its long-term role as a retail and community hub for Cork’s northside.
Lugus Capital
Lugus Capital is an Irish-based real estate investment platform with offices in Dublin and Cork specialising in the acquisition, development and management of real estate assets across the residential, commercial and healthcare sectors.
Founded in 2013, the business has approximately €900 million in assets under management and is led by a senior team with more than 60 years’ combined experience across real estate, capital markets and investment. Lugus works with institutional and international capital partners to identify and deliver value-add investment strategies in the Irish & UK property market. Lugus Capital, together with Patron Capital, acquired Blackpool Shopping Centre and Retail Park in 2024 and has since been progressing a programme of investment aimed at strengthening the centre as a leading retail destination for Cork and the wider Munster region.
Patron Capital
Patron Capital is an established European private equity real estate investment manager, founded in 1999 and headquartered in London, with a presence across a number of European markets. Over more than 25 years, Patron has invested through multiple property market cycles and has deployed more than €5 billion of equity across over 100 investments in 17 countries. Its investor base includes major institutional investors, sovereign wealth funds, pension funds, foundations and other long-term capital providers.
Patron specialises in value-add and opportunistic real estate investment across Western Europe, working closely with local operating partners to actively manage and enhance its investments. Patron has been active in Ireland since its inception with investments in Northside Shopping Centre, The Spencer Hotel, Jacob’s Inn & Generator Hostels as well as offices in East Point Business Park and most recently its joint venture partnership with Lugus Capital in the ownership and ongoing investment programme at Blackpool Shopping Centre and Retail Park.
| Mark Harrington
Client Director, Springboard Communications |