Parnell place warehouse is at the centre of the action in Cork

The location of two, 19th century stone warehouse buildings (plus an investment property currently let out as an adult shop,) on a central 0.42 of a Cork city centre acre put up for imaginative redevelopment is what underpins an asking price close to €2m, for the property and site’s owners and vendors, Cork City Council.

The 19th century warehouse buildings and site at Nos 7, 8, and 9 Parnell Place, Cork, which have an asking price of close to €2m.

Likely to be pitched at offices for creative IT/design users, the building at Nos 7, 8, and 9 Parnell Place have over 150 years of history, and are being primed for new occupation.

They’re on the Central Business District (CBD) cusp, as the nearby South Mall also enjoys a major resurgence, where new arrivals include Republic of Work, with 15,500 sq ft taken for co-working business uses at 12 South Mall, a building owned by Michael O’Flynn and vacated by law firm RDJ three years ago when they moved to Mahon’s City Gate.

Headed by DJ Cahalane, with back-up from entrepreneur Pat Phelan and David Ronayne of Mainport, Republic of Work will use No 12 South Mall for business startups and innovation/co-working uses, paying a rent of c €16 psf on a new 10 year lease and the Mall’s also tipped as a touchdown point at least for new arrival, digital technology company Nginx.

The city council acquired the historic Nos 7, 8 and 9 Parnell Place, as well as 1 and 2 Deane St almost three years ago from Nama, and was understood to have had plans for IT/business incubator type of development on the assembled site, next to the bus station and Merchants Quay Shopping Centre.

Now, though, it has put it on the open market, via agents Margaret Kelleher and Mark Kennedy of Lisney who seeks offers by late March, and who quote an indicative guide of €1.95m for what they say is “an exciting development opportunity, in an existing landmark location in the heart of Cork city centre”.

The buildings currently each span c 7,000 sq ft, and the Cork City Centre Action Plan 2016 suggests the 0.42 acre site could provide 64,580 sq ft of floor space, including new extensions to the rear of the Parnell Place buildings.

Lisney say it “will have an unique appeal to progressive developers, to create a high quality commercial/mixed use development which balances redevelopment and conservation.”

Bidders are being asked to outline their vision, use and design approach for the gable-fronted 19th Century buildings of two to five floors, in a highly central site, by March 29.

The sale via Lisney comes after they last year sold the Cork Savings Bank, also on Parnell Place and on Lapps Quay, for €1.42m to UCC, after a brief interim ownership by Cork City Council.

Now, this sale offers is another piece in the jigsaw of renewal at the city block (effectively an historic core in the new emerging Central Business District) following a recent multi-million euro street makeover by the local authority on Parnell Place, and the €10m investment in completing a new €20m Dalata hotel at Parnell Place/South Mall.

Also nearby is City Quarter and the Clayton Hotel, the fully let office block One Albert Quay, and proposed major office development sites at Anderson’s Quay, and Horgan’s Quay/Kent Station.

This 0.45 acre/0.182 hectare site adjoins the city’s bus station and improving transport hub links to Kent Station, while a new pedestrian bridge is to be provided by next year from Merchants Quay to Harley St/MacCurtain St and the Victorian Quarter, where a very major twin hotel investment is due to go for planning shortly at the Metropole and adjacent PJ O’Hea garage site.

“In recent times footfall and activity in the area has been driven significantly by the bus station and Cork City Council’s Park and Ride Scheme which terminates in Lapp’s Quay close-by, together with the more recent enhancements of the public realm at Parnell Place which has raised the profile of the area,” says Lisney’s Cork MD Margaret Kelleher, adding “there’s further investment proposed by University College Cork who plan a business school to the south of the property at the corner of Parnell Place and Lapp’s Quay. Neighbouring properties include retail, office and residential uses.”

No 9 Parnell Place dates to 1830 and No 7/8 Parnell Place to 1855, and the buildings lower floors have been in previous retail use. They’d adapt to provide large floor plates for office/business uses, it’s suggested.

The building are separated by a narrow lane leading back towards Deane St and feature a tall brick chimney. The sale includes the freehold of 1&2 Deane St, a two storey corner terraced building producing a rental income of c.€10,500 per annum, and currently let to a ‘adult’ shop user.

Details

: Lisney 021-4275079

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