Electric Bar Reopens in Cork After c€2m Sale
Less than a year after shutting its doors, Electric Bar—a cornerstone of Cork City’s nightlife—will make a triumphant return. The once-popular spot, recently sold for approximately €2 million, is poised to regain its status as a cultural hub in the heart of South Mall.
New Ownership and Management
The new owner of Electric Bar is a private client managed by MC2 Accountants, a local financial advisory firm. Partnering with this client is the Emporium Bar Group, a renowned Cork-based venue management company known for their expertise in the hospitality sector.
This collaborative venture marks Emporium’s first foray into Cork City, bringing them alongside well-known establishments such as Tradehouse in Ballincollig, JJ Coppingers in Midleton, The Castle in Glanmire, and Mabel Lane in Carrigaline.
Reimagining Electric
Under the new owners, Electric Bar will undergo a complete transformation. Plans for a revitalized atmosphere and extensive renovations are underway, with the modified premise set to open by July. This overhaul aims to enhance the riverside boardwalk and Peace Park area, revitalizing a previously dormant part of the city.
While the bar’s iconic name may or may not persist, the ambitious renovations promise to create a new destination for corporate events and social gatherings, attracting a wider clientele and boosting local employment.
Company and Market Insights
Jim McCarthy of MC2 Accountants expressed excitement about the acquisition: “We are delighted to support our private client in acquiring Electric Bar & Restaurant. Given its central location, the property will be a significant addition to Cork’s business community.”
He added, “Emporium is looking forward to creating a versatile venue that will cater to both business and social events, invigorating the area and contributing to the local economy by creating 40 jobs.”
Past Ownership and Development
Electric Bar, located at 41 South Mall, originally entered the market in September 2023. Owner Ernest Cantillon was shifting his focus after a successful 13-year tenure. At the time, the property’s guide price was €2.5m, spanning a three-story footprint of 6,000 sq ft.
Developed at a total cost of €3.3m, including the purchase price of €1.65m, Electric Bar was meticulously renovated in 2009, following its transfer from ACC Bank. Originally a Ford Motors dealership, the legendary Art Deco building, constructed by the O’Shea brothers in the aftermath of the 1929 Wall Street Crash, has had a storied past.
Electric Bar’s facilities included a ground and first-floor bar with capacity for 330 patrons, along with an upper-level fish restaurant that later transformed into a cocktail bar.
The Sales Process
Electric Bar’s marketing journey took a twist, as it was withdrawn from the market at the end of 2023. The deal was negotiated off-market before Christmas, with Rob Coughlan of Cohalan Downing acting as the vendor’s representative.
Coughlan mentioned several interested parties, some exploring the possibility of converting part of the property into residential spaces. Ultimately, MC2 Accountants purchased the property for their client, securing Emporium Bar Group as the managing entity.
Comparative Context and Future Prospects
The Electric Bar’s sale is part of a broader trend in Cork’s hospitality sector, where high-profile venues continue to change hands. For instance, in 2023, Reardons on Washington Street was sold to Attestor Capital for €25m, part of a larger €30m transaction incorporating the Oliver Plunkett bar.
More recently, an entity linked to Dwyers on Washington Street took over Soho on Grand Parade, reopening it as Seventy Seven. Meanwhile, other city landmarks like Chambers Bar and the Wine Vault on Western Road remain on the market, along with the decommissioned Cubin’s nightclub.
Conclusion
The resurgence of Electric Bar represents a beacon of optimism for Cork City’s entertainment landscape. Its revival not only promises to breathe life back into a historic building but also strengthens the sector’s diversity and appeal.
With the involvement of Emporium Bar Group, Electric is set to become a vibrant social and business epicenter, marking an exciting chapter in the city’s cultural history. As the renovations commence and the doors prepare to swing open again, Cork residents and visitors alike eagerly anticipate this much-anticipated reopening.
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