Sheridan Group pays €10m for eight retail units
The Sheridan Group has paid €10m for eight retail units including the former Stringfellow's lap-dancing club on Parnell Street in Dublin 1 as part of a deal to buy back the Parnell Centre outlets from the Parnell Partnership.
Headed by Belfast developer Peter Curistan, Sheridan Group developed the centre and sold the retail units to the partnership in a put-and-call option. The partnership, whose members include John, Deirdre and Ian Murphy as well as Michael O'Sullivan, exercised the option. The Cineworld Cinema is not included in the deal.
Stringfellows has been closed since July 2006 only five months after the international night club owner Peter Stringfellow opened it in a joint venture with Dublin businessman Tom Butler and accountant Alan McEvoy. Last year Sheridan paid €4m to buy back Stringfellows which suggests that it paid about €6m for the other retail outlets consisting of The Woolshed Baa and Grill, Eddie Rockets and Century City, the family entertainment centre.
Sheridan invested about €38m developing the Parnell Centre on a 3.8-acre site which it bought from Irish Life for just over €3m in 1993.