Cork City Council to buy vacant landmark buildings

Cork City Council is poised to buy two vacant landmark buildings in the city centre for development as commercial office space.

It is hoped the strategic double acquisition will encourage the flow of hundreds of new jobs into the city and lead to the development of a major tech corridor in the city’s docklands region.

The Irish Examiner has learned that city council chief executive Ann Doherty has prepared a report for councillors confirming it has agreed terms with Nama to acquire numbers 8 and 9 Parnell Place — the former Flor Griffin outlet and former Mahers Sports outlet — for €1.1m, excluding Vat.

Her report, expected to be presented to councillors on Monday, shows contracts have been executed and the transactions should be completed in the new year.

Both structures date from the middle of the 19th century, and are on the Register of Protected Structures. They are of architectural and historical value and interest, and represent fine examples of historic warehouses.

However, surveys have shown that the development of the properties as ‘stand-alone’ complexes would not be the best approach for their conservation and redevelopment.

It is why the council opted to buy the two properties as a package — a move which will deliver a potential floor area of between 5,000 sq m and 6,000 sq m — an office floor-plate size which is in demand in the city at the moment.

“Acquiring the properties will represent a clear demonstration of the city’s commitment to promoting economic development and creating solutions to identified deficiencies in office space, thereby facilitating economic activity,” Ms Doherty states in her report.

“It will also place the city council in a position to leverage support from key stakeholders and to take the lead role in forging partnerships for the purpose of delivery.”

Ms Doherty said the buildings will add to the city’s eco-system for nurturing and growing businesses.

She said council officials will, in the coming months, engage with “relevant interests” to decide how best to use the buildings.

The double acquisition follows the preparation of a major city centre strategy report by Colliers International last February.

It highlighted the growing international preference for city centre-based offices, but pointed to the deficiency in high-quality city centre office space in Cork city.

It recommended the release of State-owned or State-controlled land and property assets to address this deficiency.

It also earmarked the city’s docklands area for the development of a new tech corridor which encompasses the office block being developed on Albert Quay, stretching down to Monahan Road, Páirc Uí Chaoimh, and Marina Park.

The acquisition comes against the backdrop of a €2m investment by the city in improvements to the public realm around Parnell Place

Earlier this year, the council bought the former Trustee Savings Bank building on nearby Lapps Quay, which it is hoped will enhance the vibrancy and diversity of the district.

It is also understood the unfinished hotel premises on Parnell Place has changed ownership and will be brought into operation soon.