Invesco and Newsweaver take substantial office space in Cork

New tenants have been secured for two substantial office suites in Cork, done to a 3G specification including at 6 Lapps Quay, according to Paul Hannon of Lisney.

In the city centre, Mr Hannon let the front unit of about 5,000 sq ft (464 sq m) on the second floor of 6 Lapps Quay, facing City Hall and One Albert Quay, to pensions and investment firm Invesco, which has offices in Dublin and in Cork at a rent thought be close to €20 psf pa.

The unit at No 6, above Sherry FitzGerald and DTZ, was fully fitted, and was previously occupied by Bord Gais.

Invesco is currently located in the Webworks building acros the Lee by City Hall, and will relocate in early 2016.

Invesco was represented by Cearbhall Behan, of Behan Irwin Gosling.

Outside of the city centre, IT communications company Newsweaver has expanded within Cork Airport Business Park, leasing a unit on the ground floor of Building 4700.

Newsweaver is taking 5,000 sq ft, and paying a rent of approximately €12 psf excl.

It also has offices in London, Boston, Romania, and the Czech Republic, and has had it global HQ in building 2200 in Cork Airport Business Park.

Lisney now has one remaining unit in building 4700 in CAPB, also of c5,000 sq ft, to let, and both are fitted to a high 3G specification.

“Cork Airport Business Park now has substantially reduced vacancy, and Opentext are now open in the revamped Building 2800/2900, which we leased earlier this year,” adds Mr Hannon.

“The office market is currently experiencing activity from occupiers with requirements of 5,000 to 10,000 sq ft for both the city and suburban business parks.

“We note a large portion of these companies who are enquiring are currently located in Cork, and are seeking to expand to larger premises but there are also some new entrants,” he observes

• Meanwhile, following the c€550,000 investment sale earlier this year of a warehouse/industrial building in Little Island, Cork, Lisney’s Ed Hanafin is now seeking a tenant for Unit 15 A Euro Business Park, where neighbouring occupiers in Euro Business Park include An Post, NCT Centre, Jones Engineering and BAM.

Location of the park is off the Waterford N25 route, three kms east of the Dunkettle Interchange/Jack Lynch Tunnel where capital funding for major upgrades have now been approved in the coming year’s budget.

Unit 15A has a two-storey office/service block and a total floor area of 12,215 sq ft), which includes the office block of 2,000 sq ft), with external parking and loading area to the front.

A rent of €67,000 pa excl (€5.50 psf) is sought.

Details: Lisney 021-4275079