Online retailing growth and Brexit boost confidence in new €25m Cork warehouse development
An digital image of the new Watergrasshill Business Park, off the Cork-Dublin motorway, which will have four detached buildings. Work on its construction gets underway shortly.
FACTORS like the shift to online retailing, and Brexit, are among the reasons for developer confidence behind a new €25 million warehouse development in Cork’s Watergrasshill, just off the Cork-Dublin M8 motorway.
Developer Seamus Geaney of the Geaney Group is starting off on a new 200,000 sq ft warehouse development, with four detached buildings due to start construction shortly.
Potential users, where purchasers or renters, are being given the opportunity to make their own tweaks at this stage, with the delivery of finished buildings likely in 9-12 months’ time, according to agent Edward Hanafin of Lisney, who notes they are being offered at a time of historic low vacancy rates, so demand is expected to be strong, with Watergrasshill’s existing warehouse/industrial development set for a surge of new blood as a result.
These low-energy, NZEB, high-bay buildings in the Geaney Group’s Watergrasshill Business Park have been designed by Edge Architecture and will have clear internal eaves heights of 10-15 metres, allowing for lots of ‘stacking and racking.’
Headed by Seamus Geaney who has a 20-plus year track record in development in Cork, the Geaney Group is also active in areas like Fota and Little Island. It is currently developing a 200,000 sq ft warehouse development at Harbour Gate Business Park, Little Island. It was previously involved in the development of Fota Point Enterprise Park, Carrigtwohill, a 30,000 sq ft retail warehouse at Fota Junction Retail Park, and recently also developed a petrol filling station at Carrigtwohill which is let to TOP Oil.
Lisney’s Ed Hanafin of agents Lisney says he’s already dealing with active enquiries on Unit 2 in Watergrasshill, as the demand for a modern warehouse property in Cork is strong.
“The industrial market has been the least affected property sector by Covid-19 and the industrial market has been active and resilient over the last 12 months,” he observes, noting that in spite of the global pandemic about 270,000 sq ft of industrial space has been taken up in Cork over the last year “and the vacancy rate has dropped to a historic low of just 2.8%, well below the typical equilibrium level."
The increase in online retailing is one of the factors driving the demand for warehousing and Brexit has also been a factor,” he adds saying this Watergrasshill offer “will provide much needed new warehouse/ industrial space to the Cork market.
With the surge in logistics/industrial demand over the past two years, supply is now ramping up from a low base of new ‘best in class’ buildings in locations like Little Island, JCD Group’s reinvigorated Blarney Business Park, and, now, Watergrasshill.
This new development, off the M8, offers occupants next-generation high bay warehouse/ logistics facilities with sizes available from 21,000 sq ft, through 34,000 sq ft, 68,000 sq ft, and up to 72,000 sq ft, with dock level and grade level loading doors. There’s also curtain wall glazing on part of the elevation for office/ service block, scope for a mezzanine floor too, and the high eaves heights of 10-15m “will provide far more storage capacity and optimum utilisation of space,” say the agents.
Prices to purchase are c €140 psf, or space can be leased from €9.50 psf.
A building contractor has been appointed and as work’s about to commence, “there’s an opportunity for potential occupiers to have an input into final design at this stage to obtain a purpose-built bespoke facility to suit specific requirements,” it’s stated as marketing begins this month.
The Watergrasshill Business Park is 1.5kms east of Watergrasshill and 20kms/15 mins from Cork city, off Junction on the M8, with improvements underway on the Dunkettle Interchange which connects with the Jack Lynch Tunnel, Waterford N25, and the South Ring Road network and on to Ringaskiddy Port.
Existing occupiers in earlier phases of the park include RMD Kwikform Irland, Prompto, Mervue Laboratories, HG Construction Ltd, and Socomore.
Meanwhile, also currently available at Watergrasshill Business Park is a 1.6 acre site at Unit 17, with full planning permission in place for a 2,050 sq m or 22,000 sq ft, offered by Casey & Kingston with a guide price of €500,000.
Details: www.watergrasshillbusinesspark.ie, Lisney 021 4275079, Casey & Kingston 021-4271127
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