TWELVE years after the Irish property, construction, and economic crash, work is finally set to start on the very first non-student apartment development of any scale in Cork City in that time period, in an investment put at €40m.
An international institutional investor and property developer with billions of euros in assets globally has acquired Cork city centre's Half Moon Street development, home to 700 Apple employees, for about 10% over its €34 million price guide.
The tallest office building so far developed in Cork City, Penrose Dock next to Kent Rail Station at up to nine storeys, is setting an even more impressive record: its first core and lift shaft is up to full height, less than a year after the €125m project on the city’s north quays first applied for planning permission.
Cork City's curvaceous Half Moon Street development, anchored by Boots chemist at its lower level as its main flagship pharmacy in Cork, and occupied overhead by offices for Apple Europe, is for sale as an investment, with a guide price of €34 million.
CONSTRUCTION work will roll from one block to another at Cork city’s largest ever office scheme, Navigation Square, over the next three years, pledged developer Brian O’Callaghan this week.
Developers JCD have made an off-market multi-million euro swoop on the Cork city Albert Quay site occupied for the past 50 years by family-owned Carey Tools, including the Sextant bar which was subsequently acquired by the Carey family.
The long-anticipated sale by Nama of €300m in property portfolio loans, associated with a number of O’Callaghan Properties (OCP) assets in Cork, has been welcomed by the company itself as “very positive” and could bring fresh and further investor activity to the city.
Are the good times really back for the property business? Certainly a number of lead indicators are very positive with the best indicator of all, the crane count, at its highest level since the boom times of the early to mid 2000s.
Confirmation of the financial services firm Clearstream to over 70,000 sq ft, plus an optional extra of 20,000 sq ft more for 600 well-paid financial services jobs at Navigation Square on Cork city’s quays makes it one of the very largest-ever office deals in Cork city.
A number of new office occupiers and sale deals are coming to an end-of-year close in the heart of Cork city, at Lapps Quay, at City Quarter, and at the Elysian, where a new walk-in medical clinic is set to open next month and where a new restaurant letting is agreed. Plus there’s 12,000 sq ft of offices at the Elysian under active negotiation via Lisney.