Quay offices to spark interest

FLYING freeholds, the chance to buy high quality new office accommodation on a floor-by-floor basis, is the selling point at No 5 Lapp’s Quay in Cork city.

While there’s a marked and remarked upon downturn in out of town office demand, the sheer city centrality of No 5 will draw strong buying interest, predicts Roger Flack of CB Hamilton Osborne King, acting jointly here with Margaret Kelleher of Lisney.

No 5, currently being refurbished, is the former Eircom office building directly across the River Lee from Cork City Hall.

Developers O’Flynn Construction bought the building as an investment from the Eircom pension fund about two years ago for c €4 million, and own the adjoining derelict site which is also to be developed for office space and will be branded No 6 Lapp’s Quay (see illustration).

The completed development Nos 5 and 6 will have about 75,000 sq ft of office space, just off the South Mall.

Purchasers are likely to include companies looking to buy their own office space at prices broadly comparable to values in older Georgian buildings on the South Mal, suggests Mr Flack, who quotes €3,428 per square metre for floors at No 5 - due for completion by year’s end, so occupants could be home for Christmas.

Work is well advanced on modernising the late 1970s/1980s building, which has six floors over ground level. The ground floor could suit for uses as showroom/semi-retail, for banking uses, insurance company space or the like.

Features will include open plan layout, air conditioning, Cat 2 lighting, and self-contained or independent services such as WCs and tea stations on each floor, with two eight person lifts serving the building.

Floor sizes average 2,600 sq metres, with less space at ground level where prices will naturally be higher to buy given the profile.

Some investor interest may also be shown in purchase of floors to be offered on a ‘flying freehold’ basis.

No 5 is being marketed as an extension to the city’s traditional South Mall office district, while nearby another third generation office scheme now going on site with Howard Holdings is selling itself as the first step of the city’s extension to the docklands.

Rents there are anticipated to be c €30 psf.

The new office schemes now coming on stream are a joy to the eyes of city manager Joe Gavin, who has been forceful in his support of new office development in the city core, after years of moribund activity and development stagnation.

The city now has cranes back on the skyline, with other positive news to come on infrastructure.

Details:

CB Hamilton Osborne King 021 427137.

Lisney 021 4275079