The developers of one of Cork’s largest docklands projects has secured its first tenant - with more announcements in the pipeline.
Serviced office provider, Spaces, which is part of Belgian group IWG, has agreed to pre-let 30,000 sq ft in one of three office blocks currently under construction as part of the €160m Horgan’s Quay development on the city’s northern docks.
Founded in Brussels in 1989, IWG provides serviced offices, virtual offices, meeting rooms, and video-conferencing to clients on a contract basis. It owns and operates several globally recognised brands, including Regus, Spaces and No18.
The deal was negotiated by Savills with HQ Developments – a joint venture between Clarendon Properties and BAM to deliver one of the most ambitious docklands projects in the city.
The scheme is being built on a six-acre site overlooking the River Lee and right next to the city’s railway station.
It includes the development of three Grade A office buildings to provide some 310,000 sq ft of office space, hundreds of new apartments, and a 120-bed hotel to be operated by the Press Up Entertainment Group. A number of retail and restaurant outlets are also being built.
Over 6,000 sq m of new public realm will be provided, including space for a food market, ancillary shops, restaurants, and a 208 sq m creche.
Spaces has agreed to pre-let three floors in the first office block, Block 1, which is due for completion next summer. It expects to start trading in the city by Autumn 2020.
Clarendon Developments’ Ronan Downing said they were delighted to secure IWG as their first tenant at Horgan’s Quay.
"They are an internationally recognised brand – leaders in the provision of serviced office space – and their decision to expand the business in Cork is not only great news for Horgan’s Quay, but also for the city as a whole," he said.
"We’re making great progress in the development of Horgan’s Quay and look forward to agreeing further pre-let agreements with office occupiers, in addition to retail and restaurant operators."
IWG Ireland’s country manager, Paul MacAndrew, said they are delighted to bring Spaces to Cork next year.
"We see this riverside city centre landmark building as a great fit for Spaces and our customers, due to its fantastic architecture and spectacular industrial heritage conservation," he said.
"Horgan’s Quay will be truly unique as a location with complementary retail, hotel and residential facilities and direct access to Kent train station.
"Spaces offers a new type of workspace for companies and individuals looking for a place to work flexibly and be inspired by other like-minded people.” Meanwhile, proposals to increase the number of apartments in the Horgan’s Quay scheme from 216 to 302 are currently before An Bord Pleanála. A decision is due by December 1.
The developers have confirmed that they want to be on site with the residential elements of the scheme “early next year”.
The public can view the plans in City Hall or online at resishd.horgansquay.com and can make a submission before September 30.