A top office opportunity

THE top floor of City Quarter, the Cork City quayside office block facing the ambitious, new One Albert Quay €45m office site, has finally been leased.

Floor five’s 12,000 sq ft is being taken by Canadian energy company, Brookfield Renewable Ireland.

Brookfield is part of a consortium, including Centrica plc and iCON Infrastructure, that acquired Bord Gáis Energy assets, including wind farms, earlier this year, for €1.1bn. Floor four’s 16,000 sq ft is still available, after being vacated by Landmark Media last year.

The €100m City Quarter (and Clarion Hotel) scheme was developed by Howard Holdings in the early 2000s.

Now, also, a suite of offices on City Quarter’s floor three has just come up to let, via Lisney, fully fitted — courtesy of Bord Gáis, which has vacated and left a valuable fit-out behind it, to the benefit of any new occupants (see inset pic).

The penthouse offices, as well as floor four, were vacated over a year ago by Landmark Media (publishers of the Irish Examiner and Evening Echo). Landmark, now in Linn Dubh, Blackpool, had 28,000 sq ft at the two uppermost levels at City Quarter, as well as 3,500 sq ft at ground level, and all have been available and marketed, since late 2013, by DTZ Sherry FitzGerald.

DTZ agents, Philip Horgan and Sean Healy, had sought €25 psf for the offices, for representatives Clowater, and it’s understood terms were agreed above €20 psf for all of floor five: it’s marginally the smaller of the five floors of offices, with a long balcony and set-back overlooking Port of Cork.

Sean Healy declined to confirm details of the deal with Brookfield, but reports interest also being shown in floor four.

Meanwhile, Paul Hannon, of Lisney, has launched fully-fitted, furnished, adaptable offices suites at floor three, City Quarter, on the same level as commercial law firm, GJ Moloney, and Goodbodys.

The three, extremely high-quality units are 6,000 sq ft combined, or can be taken individually, as spaces of 1,300 sq ft, 3,470 sq ft and 1,470 sq ft.

“They have recently been vacated by Bord Gáis: these units are turnkey, having been fitted to a high specification, including furniture, data, multi-media systems, etc,” says Paul Hannon.

The suites also include overhead projectors, all furniture, screens, dozens of desks, seats, canteen equipment, filing cabinets, and more, all in pristine condition. There’s a configuration option on the floor so that it can be stretched to a large single unit of 10,200 sq ft, “which is of a size that may appeal to an FDI company seeking to locate in Cork city centre,” says Mr Hannon. (Added to DTZ’s floor four, there’s 26,000 sf in all).

He says while there’s activity in the office-letting market in Cork, and while there still remains an oversupply of offices in the city centre (Bord Gais has decanted from several Lapps Quay offices to Webworks) “this space, being fully fitted to a high spec, is by far the best quality office accommodation available in the city centre,” Mr Hannon says, adding “the recent deal agreed with Brookfield on the penthouse floor of City Quarter has taken a large chunk of office space off the market.”

Rent sought on floor three, City Quarter, is likely to be well in excess of the €20 psf paid by Brookfield Renewable on floor five, given the quality of fit-out in small, fully-fitted turn-key units, reckoned to be worth several hundred thousand euro.

The building is serviced with three lifts, with a number of basement parking spaces offered by Lisney.

“These units offer flexible space options for one, or a series of tenants, within the most successful and iconic office building constructed in Cork to date,” said Mr Hannon, as clearance works start on the John Cleary/BAM, eight-storey, One Albert Quay building across the Lee. It has main tenant, Tyco, already secured and expected to take as much as 75,000 sq ft.

Details: DTZ Sherry FitzGerald 021-4275454, Lisney 021-4275079


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