Two substantial deals in Mahon

By Tommy Barker

TWO very significant deals wrap up a very positive year for Cork’s Mahon suburb.

Expanding: Linda and Dan Kiely, Voxpro company founders.

TWO very significant deals wrap up a very positive year for Cork’s Mahon suburb.

One is the €21m-plus investment sale of the Quest building at Block C, City Gate Park, Mahon. The deal, on 87,000 sq ft on a sale and lease back basis for Quest Software, nudged just over the guide and shows a NIY of 7%, after deduction of standard purchaser costs.

Agent Brian Edwards of CBRE declined to confirm the buyer’s identity, understood to be a private Irish investor. Other bids came from institutional Irish investors, and European funds.

it is understood.

The investment, in the JCD-developed 300,000 sq ft City Gate Park, went to market with CBRE in June.

Meanwhile, one of the largest office deals in Cork for 2018 is the swoop on 40,000 sq ft of space by expanding company Voxpro, for what it calls its second campus, at City Gate, Mahon.

The deal is for an assignment of a lease, as Voxpro is taking the large volume of footprint next to its current Cork HQ: that space was vacated by

another tech company,

VCE, which is being accommodated at Mahon under its Dell/EMC wing. VCE previously was close to Cisco, EMC, Corporation and VMware, and came fully under the Dell umbrella in 2016.

Now, in a neat coincidence of win/win timing, Voxpro has come to its lease rescue at City Gate, needing the extra space for its 400 job Cork HQ base expansion announced last month.

It’s understood that it’s taking over VCE’s lease and fully-fitted offices to a high standard, at the existing lease level of €18 psf, which is below other current and new rents in the Mahon area, where a number of significant other new office (and residential) development are in the wings.

Voxpro’s recent expansion announcement will see its Irish jobs tally rise to 3,000 in Cork and Dublin and to 5,000 globally. The 1995 Cork-founded company — now partnered by Telus International — says that yet further expansion is planned over the next 18 months as it continues to scale globally.

Voxpro says its Cork Campus 2, developed by JCD, “has been built to compete with the standards, capacity and design of Voxpro’s partners’ offices.

“The new full-time roles will be spread across the breadth of the business in management, training, tech support, CX operations, sales, trust & safety and finance.”

Details: voxprogroup.com


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