Cork City’s formerly controversial Stapleton House finally looks fit for purpose, having lain empty since built over a decade ago.
The redeveloped corner building on Oliver Plunkett St and Smith St, close to the rear of the recently competed 46,500 sq ft office development 85 South Mall (which is set to house over 400 jobs, and adjoining the 1970s office block 89-90 South Mall,) will accommodate a super-size gym over six levels, including basement, with operators FlyeFit due to open across 20,000 sq ft, on May 11 after what’s said to be a €2m tenant fit-out.
Flyefit currently operates 13 gyms in Dublin, including in the city centre such as at CHQ, and suburban locations like Dundrum and Tallaght — this is their first active foray into Cork.
The fitness business runs classes and training sessions across a range of activities, from bootcamp to yoga, on flexible/pay monthly terms.
Stapleton House had been delivered by one of developer Joe O’Donovan’s companies, Padlake, after he bought the former offices of financial services company Ernst and Young in 2006 when it relocated to City Quarter.
He paid over €7m for the building on a small 5,000 sq ft footprint, knocking and rebuilding, but later ran into height and planning compliance difficulties, including change-of-use refusals from An Bord Pleanála.
Subsequently, permission was granted for change from office to retail use, and then for conversion to multi-level gym, and now only the ground floor of c 4,000 sq ft, with 40’ street frontage, facing Elverys and Galaxy Lighting, remains to be let.
The core and shell lease deal with FlyeFit was done by agent Brian Edwards of CBRE,for a private investor owner, Nero Management.
It’s understood Flyefit is paying a rent of €250,000 pa on a long term lease for its five upper floors and basement.
A rent of €140,00 pa is quoted separately for the available ground floor, suitable for retail, office, or restaurant uses, and is under active negotiation.
Details: CBRE 021 4917255