Deloitte commits to a long-term lease on Lapps Quay in Cork

ONE of the country’s largest financial advisory firms, Deloitte, has committed to a new, long-term lease on its upgraded Cork city centre offices.

Deloitte commits to a long-term lease on Lapps Quay in Cork

Employing over 100 in Cork, Deloitte has agreed a new, 15-year lease on its c 16,000 sq ft, spread over the top two floors at 5/6 Lapps Quay.

The investment, with Deloitte in place in the building as tenant since 2005, was acquired in 2013 for c €4m by a Hong Kong-based Australian investor, in a deal driven by Richard Coffey of Ireland World Investments.

IWI’s managing partner Mr Coffey said he was delighted “to secure and negotiate a new long term 15 year lease with Deloitte, in this much sought-after modern high profile office investment.”

Rent at the time of the acquisition via Lisney Cork in 2013 was quoted at €422,000, on a 20-year lease from 2005.

Its understood the new lease is on similar terms, c €25 psf, and Deloitte have completed a recent substantial upgrade to their two floors at Lapps Quay.

The adjoining buildings 5/6 Lapps Quay, were developed by O’Flynn Construction after a site assemble in the early 2000s, which included the old Telecom Eireann block and Duggans Glass.

Deloitte employs 245,000 globally, in 150 countries, with 2,000 employed in Ireland where it has has offices in Dublin, Cork, Belfast, Limerick, Waterford and Galway.

The Lapps Quay block which houses Deloitte Cork is near South Mall, where a new Dalata Hotel is to be completed by 2018, near KBC and the former TSB building acquired by UCC (see planning notes, previous page), and is also close to the new Clayton Hotel (ex Clarion).

Nearby too as part of a ‘finance cluster,’ the City Quarter office block next to the Clayton Hotel is home to EY, while another top finance firm, PWC, last year moved 80 jobs (and started recruiting for more) across the river Lee from South Mall to new offices at One Albert Quay.

Diarmuid Mawe, Head of Corporate law in Maples and Calder, acted on behalf of IWI in drawing up the new lease agreement witht Deloitte at Lapps Quay.

And, just prior to Christmas, IWI confirmed it has secured planning permission for change of use and a new long-term 20-year lease with the Kildare Wicklow Education Training Board at Block E, in Bray Civic Centre (BCC) which it acquired from Nama in 2015.

The BCC cluster of modern buildings by Main Street, Bray, also houses the Courts Services, Dept. of Social Protection, Mermaid Theatre, OPW, HSE Area Office and ancillary cafes.



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