Cold-storage warehouse to heat up the Cork market

A business and property briefing this week, by DTZ Sherry FitzGerald, Cork, billed the industrial sector as “the weakest link, with speculative development unlikely for the next few years.”

But in a recovering wider market, several new warehouses are being built in Cork’s Little Island, including a 35,000 unit by DD Williamson, plus a smaller, 6,500 sq ft one, by Floor Tech. “It’s the first real re-engagement on the industrial side of things; these new buildings are owner-occupier driven, but, still, it shows confidence in the market,” says the Cork DTZ office’s new MD, Peter O’Flynn. They price “an exceptional, stand-alone warehouse” of 21,000 sq ft, on an acre, at the Island Corporate Business Park, at €850,000. It’s being sold for a food company, and has a cold room of 19,000 sq ft, plus 2,152 sq ft of offices over two levels, to the front.

“It’s the very best warehouse of its kind in Cork; we expect a strong interest from a good cross-section, as the cost of construction for the adjoining buildings will be significantly more than the price quoted here, so it could go significantly better than the guide price,” reckons Philip Horgan, of DTZ