Eastern promise

Companies seeking up to 26,000 sq ft of offices in Cork which are ready to walk into, will find a building recently sold to a private investor at Little Island could fit their bill.
Eastern promise

Vacated last year by pharma company Lilly’s back-office/shared financial services, No 11 Eastgate Avenue was viewed earlier this year by companies such as Apple, who were seeking expansion space in the Cork region.

Subsquently Apple moved to lease a vacated building at the Model Farm Road. They now have a spread of presence at their Hollyhill HQ, Half Moon Street and Model Farm Road, where they took over the old Assurant building.

The insurance company Assurant moved its Irish operations to the UK in 2014, with the loss of 170 Cork jobs. It’s not known how many new jobs Apple have now moved to the Assurant building.

Now, following an off-market sale of No 11 Eastgate Avenue by its syndicate owners which has just recently closed out, estate agent Paul Hannon of Lisney is offering the entire of building 11 back to the letting market, with hightened levels of activity in East Cork, at Stryker in Carrigtowhill and with interest/activity hardening on the Amgen site.

A high-quality building at the entrance to the park at Eastgate near the Jack Lynch tunnel, No 11’s previous occupiers included McAfee, and Lilly, who’ve acquired and moved into a larger building nearby.

Lilly bought a 65,000 sq ft building, next to Laya Healthcare, two years ago from Eastgate’s developers O’Flynn Construction, for a reported €10 million.

It’s understood that No 11 only very recently changed hands, in an off-market deal negotiated by Niall Guerin of Savills, who declined to comment on market expectations that the quality building of c 26,000 sq ft had been bought for just over €3m.

Offering No 11 to let at a rent guide of €14/€15 psf, Lisney’s Mr Hannon notes the squeeze on immediately available space in and around the city and says “this building offers tenants a corporate HQ, in an iconic building within one of Cork’s most successful business parks.

“The FDI sector has been dominating the office market and this building offers a turnkey solution for a substantial company with an immediate office requirement.”

The 25,900 sq ft third generation office building was finished to a high standard specification by Lilly, thus minimising capital expenditure set up as an added bonus for its next occupier, say Lisney.

It comprises a two storey feature modern purpose built office building, in three wings and with a penthouse floor laid out in a detached ‘L’ shape with a feature curved glazed section.

One of Cork’s top business parks, and close to full occupancy, Eastgate’s occupiers include Laya Healthcare, (Eli) Lilly, Gilead, ESB Networks, AmerisourceBergin/Bluepoint, Pepsi, South Western and PE Global.

There’s an adjoining retail park, where EZ Living have recently taken a large unit next to Harvey Norman, while the business park has a Spar, AIB, Bank of Ireland, cafe/restaurants, and the Radisson Blu Hotel and leisure centre with conference facilities is adjacent.

Details: Lisney 021-4275079

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