WITH all roads set to lead to Cork Harbour’s Ringaskiddy, thanks to a Port of Cork downriver operations move, and a new, vastly improved road link, the timing of the launch of a major space facility for logistics, storage, and manufacturing is apt.
Up to 200,000 sq ft of modern buildings on a site of 15 acres is available at the Ringport Business Park on the edge of Ringaskiddy village, with 40,000 sq ft recently taken by PJ Hegarty’s to pre-assemble a facility for work it is doing at the new Lilly €200m biopharm expansion at Dunderrow.
And, coincidentally, that pre-assembly use by Hegarty’s recalls the site’s initial use, as it was purpose-built on day one by developer John Fleming for his Fusion Building Solutions business, which employed up to 700 people on-site in Ringaskiddy, system-building steel frame structures for the Irish and UK apartment and student accommodation sectors.
Despite going for a UK bankruptcy in 2012, with debts of €1bn, Mr Fleming has bounced back strongly in the same sector in the UK, doing high-rise hotels, student builds, and apartment towers, associated with a range of companies including Donban, Tide Construction (which posted profits of €11.8m for last year), and Vision Modular Systems, whose projects include the prestige marketing suite for the Battersea Power Station.
The modular builds resemble his pioneering activity at Ringaskiddy in the early 2000s.
Fleming’s plant was sold by receivers back in 2014, for a reported c. €3m, and was bought by the well-established Wiser Recycling company business, owned by the O’Brien family and employing over 70, with a fleet of 20-plus vehicles across Munster.
However, the company’s planning application to use the facility as a waste sorting/recycling depot was objected to locally and was ultimately unsuccessful.
Now, it is being marketed as a ‘ready to go’ business park with high-quality, high-eaves buildings (from 6m up to 10m) of considerable scale, via joint agents Rob Coughlan of Cohalan Downing Associates and David McCarthy of Lisney.
Notably, rents start at €4.50 psf with flexible terms available depending on end user requirements.
Several buildings have office elements, and the largest available space is at Block B, with units 4, 5, and 6 running to 68,500 sq ft, with 10m eaves, six loading doors, and an arctic loading tunnel. Other sizes are 45,000 sq ft, 31,000 sq ft, and smaller.
The most recent deal was completed on Block A, Unit 1, on a new lease with PJ Hegarty & Sons for about 40,000 sq ft to support their ongoing contract work, and understood to have been at €4.50 psf (subject to a significant capital spend by the tenants).
“This is a fraction of the cost of the quoted rents of proposed new builds, guiding rents of €8-€9 psf with extended term certains required by the developer to justify building the units, plus the additional lead time required to actually come out of the ground,” says Rob Coughlan of Cohalan Downing Associates.
Rents are below those obtaining in Dublin, and there’s a shortage of units of suitable scale in Cork of this quality, add the joint agents.
“We have fantastic ‘ready to go’ high bay units with ample opportunity for a business to expand and grow further on-site at the Ringport Business Park, backed by proactive and driven landlords in a position to offer immediate solutions at enticing rates,” says Lisney’s David McCarthy.
Details: Cohalan Downing Associates, 021 4277717; Lisney, 021 4275079.
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