Landmark Cork City move for newspapers

THE office relocation of Landmark Media Investments Ltd, publishers of the Irish Examiner and Evening Echo newspapers, to Blackpool, in Cork, is the second significant office deal in the city in recent weeks.

Landmark Cork City move for newspapers

The company this week confirmed the planned move from City Quarter, Lapps Quay, to the Linn Dubh building — next to the Revenue Commissioners — off Watercourse Road. A €1m fit-out has commenced. The move, involving several hundred day and night staff, is expected by October, with the City Quarter building to be vacated by Nov 5.

Landmark Media had considered several rival relocation sites, including Phoenix House, on Monahan Road, and the Motorola building, off Skehard Road/Mahon, where Abtran has taken 60,000 sq ft from owners O’Flynn Construction, primarily for Irish Water company support-services jobs. Abtran had reportedly also looked at the Linn Dubh, 45,000 sq ft building, which is on Assumption Road.

Linn Dubh was developed by Frank Sheahan and Joe Carey, with Ascon (now BAM,) and now it’s fully owned by BAM.

The development, which measures 90,000 sq ft, was kick-started by a site/build swap deal with Revenue, who relocated from Government Buildings, on Sullivan’s Quay, due to be redeveloped by BAM.

Agents for Linn Dubh were Downing Commercial, and the building to be part-occupied by Landmark Media has been completed and empty since 2008.

The majority of the €1m fit-out for the top two floors will be borne by BAM, according to sources, and the building has 130 car-parking spaces on the roof, half of which accompany Landmark’s 22,000 sq ft on the top two levels.

The company will be given use of the 130 spaces until the rest of the building is let, it is understood.

No terms have been divulged: back in 2008, prices around €18 psf were sought, but the long-term lease, with break options, now signed, is likely to be over the €10 psf level.

Landmark is also actively negotiating on a smaller city centre retail and public office presence, around streets like Oliver Plunkett St.

Employees, this week, were told that the cost of the 22,000 sq ft Linn Dubh and of the city centre unit would be under half the rents at City Quarter, where the company had 28,000 sq ft over the top two floors, plus 2,000 sq ft public office/retail at ground level.

Details: Downing Commercial, 021-4271000

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