According to the Irish Times, it is planned for an elevated site to the rear of the existing premises on land acquired from the council itself.
Along with Cavan County Council, which owned part of it, the council agreed to sell the nine-acre site, much of which would be used to provide some 400 free surface car parking spaces, to Tesco for €4.5m.
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The world's third-largest retail chain (after Walmart and Carrefour), is also contributing €1.5m towards the construction of a new inner relief road that would serve the proposed development on Cock Hill.
The town council needs the money. Since 2002, it has been paying rent of €400,000 per year for a multi-storey car park that is seriously under-patronised by shoppers; the peak occupancy rate for its 400 spaces is 30% full.
However, Tesco will lay out free surface parking with direct access for shoppers to its new 5,000sq m superstore, which will be little help for the very costly existing car park.
Tesco previously considered relocating its Cavan store to Lakelands Retail Park on the Dublin road, 1.5km from the town centre, but it was told by the town council that this was not a runner. This eventually led to the site on Cock Hill being selected for the scheme.
(BMcC/GK)
