Move into Grant Thornton's South Mall shoes

Move into Grant Thornton's South Mall shoes
Grant Thornton's new offices on South Mall, Cork

As Grant Thornton joins the list of professional advisory titans shifting their expanding Cork city workforces to larger premises, the slender, refurbished period brick-faced 14 South Mall has come to market with an annual rent of about €78,000.

The Grant Thornton move follows a trend set by the Big Four Deloitte, EY (Ernst & Young), PwC and KPMG - all of whom have relocated to cater for growing workforces in recent years.

Grant Thornton is set to move to the Penthouse floor of “Penrose One”, the soon-to-be-completed JCD Group (John Cleary Developments) office block on Penrose Quay.

Michael Nolan, partner in charge at Grant Thornton, Cork, said their business had “grown exponentially” since the establishment of the Grant Thornton Cork office in 2013 and the move would “allow the company to grow further, expanding our service offering to our clients”.

Also occupying a JCD Group-developed office block, albeit at One Albert Quay is PwC, having made the move from South Mall in 2016.

Directly across the river is Deloitte, having committed to a new, long-term lease in 2017 on its upgraded offices spread over the top two floors at 5/6 Lapps Quay.

EY followed suit in 2019, announcing the opening of its newly expanded and redesigned office space, at City Quarter, Lapp’s Quay.

Staying on trend, KPMG crossed the road in South Mall, moving to No 85, another JCD Group creation, in a significant brand new heart of South Mall development, to cater for its ongoing city centre expansion.

With a whole building going a begging on South Mall thanks to the Grant Thornton exodus, Savills are hoping for a single let.

“Ideally, it would be a single let, although we are open to other options,” said agent Emmet Finnegan.

With three-and-a-half years to run on the existing ten-year lease, and being offered by way of a lease assignment or sub-let, Savills Mr Finnegan said it might appeal to a tech company looking to grow, but not necessarily tied into a long- term lease.

Equally it could appeal to “more traditional Mall occupants that will look to put in a longer term lease afterwards” Mr Finnegan said..

The building, in the city’s central business district, had a number of advantages, including its “own door”.

“It’s good, well-maintained office space and it’s nice to have your own front door and to have the entire building. You don’t get that with a lot of the newer office builds,” he said.

Mr Finnegan said South Mall has re-emerged “as a location of choice for office occupiers” with a recent influx of software, consumer electronics accessory, cybersecurity, technology companies including Forcepoint, Otterbox, ClickDimensions, Nginx, Cylance and Eventbrite.

He said the central location meant excellent access to public transport and to a wide range of hospitality and leisure services.

Close by is Republic of Work at No 12, and adjoining is 3,700 sq ft UCC-leased No 13 South Mall which is now ‘sale agreed’ after going to market as an investment on a five-year let at €60,000 pa from April 2019 with a €795,000 guide price.

No 14 South Mall comprises a four storey mid-terrace period office building, upgraded in the mid 2000s and owned by a private investor, which extends to 492 sq m (5,293 sq ft) and is in turnkey condition.

Internally the space incorporates a generous ground floor reception area, with two meeting rooms to the rear.

The upper floors provide two open plan office spaces per floor. The building also has lift access to the upper floors, canteen, tea/ coffee stations on each floor and shower facility.

DETAILS: Savills 021 4271371 or www.savills.ie

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