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.
HAVING a major employer, with 2,500 jobs, over the boundary fence is expected to underpin developer/builder confidence in pursuit of 12.5 acres in two fields, fresh to market, at Grange Cross, Ovens, west of Cork City and Ballincollig.
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.
Greenfield sites hardly come any better, or beguiling, than this. Seven acres of ‘farm’ land, recently shorn of its annual crop of maize, between the two main Douglas Roads in suburban Cork, within a walk of the city centre have just come up for sale as a truly prime development opportunity.
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.
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 WELL-SET St Patrick Street Cork city retail investment directly opposite the completed and fully occupied Capitol mixed use development, which is let to Boots Chemists and earning a current annual income of €540,000 is for sale, guiding €5.75 million.
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.
WITH plans afoot for the €70m-plus investment property sale of the ‘old’ Roches Stores/Debenhams Cork’s store by the publicity-shy Roche family, the arrival of a neighbouring niche investment with a more modest €1.5m price tag has impeccable timing, and opportunity.
Cork City Council staff have been availing of 120 free parking spaces on a first-come-first-served basis at Navigation House on Albert Quay since the sale of the former council property to development firm O’Callaghan Properties in 2008.