JCD’s €50m office buy

GOOD story for Cork, good story for the country, and more cranes on the skyline to come.

JCD’s €50m office buy

This week’s announcement of the acquisition of a shovel-ready office site at Mahon, Cork by John Clery Developments could mean 600 construction jobs in the city within the next six months.

The JCD Group’s acquisition of the Ma-Com site at Mahon, which has full planning permission for 300,000sq ft of grade-A office space, follows the news of an early start on its One Albert Quay office block, next month, with the potential for 300 jobs. The Blackrock site will also employ upwards of 300 in construction, with both sites offering total accommodation for 4,000 office workers when completed.

The Ma-Com site, which was offered for sale by DTZ Sherry FitzGerald, and which was on the market for the last two and half years, was formally acquired this week by the JCD Group for a sum thought to be not greater than €4m.

The property, which had at one stage been held by Tyco, (which ironically will now take up to 50% of JCD/BAM’s Albert Quay scheme), has full planning for 300,000sq ft of offices in a location adjoining the CSO offices and JCD’s other development project, City Gate.

The company hope to begin work on the site soon and expect to commence construction in the new year. No concise figure was given for the overall development cost of what is termed a Gold LEED standard site, but it’s expected it could be €50m when completed.

JCD have a good track record. The high-quality City Gate scheme, which houses a range of blue-chip tenants, confounded expectations by letting fully throughout the recession. Now with emerging office demand in the city and a revival in the suburbs, JCD’s commitments to building within US Green Building Council’s energy rating means it is primed to attract large multinational corporations requiring larger floor plates.

The newly-minted City Gate Plaza building will offer high-quality open plan offices in a dedicated environment to a plan designed by specialist award-winning architects Henry J Lyons and Co.

Ranging over four to five stories and finished to a very high standard, according to a company statement, “significant investment will be made” in the grade-A blocks.

“We are in the process of completing the detailed design for the development and expect to be commencing construction next year, creating up to 300 construction jobs,” said a spokesman for the JCD Group.

“Cork has a great track record in attracting multinational companies and this development, which will accommodate up to 2,000 people, and provides an opportunity to attract further investment.

“Given the well-reported national shortage of grade A office space and the existing line-up of world class companies at City Gate, we believe this development will assist Cork to compete for additional foreign direct investment.”

JCD and partners BAM, which cleared all planning obstacles for a new office development, now called One Albert Quay, in Cork City, have had contractors on site this week preparing the site prior to construction, expected to being next month.

The 200,000sqe ft scheme, which fronts onto the quays near Webworks, City Hall and the Elysian tower, will offer large floor plates built to US standards with accommodation for 2,000 employees. Site works will see the first crane on Cork’s horizon for over five years.

Details: DTZ Sherry FitzGerald, 021-4275454

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