JCD Group secures high-profile tenants at business parks

Harvey Norman one of four significant tenants bedding down at Evergreen and Blarney business parks

Harvey Norman's new warehouse at Evergreen Business Park 

RETAILER Harvey Norman is among four significant tenants secured by Cork-based property development company, JCD Group, at its Little Island and Blarney business parks.

The popular home retail giant has taken the first completed building at Little Island’s Evergreen Business Park, close to its substantial department store in Eastgate Retail Park.

The 65,000 sq ft (5,990 sq m) building will be used as a warehouse by the retailer.

The other three significant new lettings secured by the JCD group include 

>CWS Workwear, occupying Block 8007, a 30,000 sq ft (2,787 sq m) building at Blarney Business Park 

>Aviation supplier JB Roche, occupying Block 8008, a 20,000 sq ft (1,858s q m) building at Blarney Business Park 

>Daly Industrial Supplies Company, occupying Block 8001 a 30,000 sq ft (2,787 sq m) building at Blarney Business Park Denis Mulcahy, Commercial Property Director of JCD Group said they were “delighted” to confirm the new lettings.

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“We have worked closely with each occupier and have delivered the full turnkey fit out, including the installation of pallet racking, office fit-outs and mechanical and electrical installations. This delivers significant economies of scale, provides cost certainty to the occupier, and streamlines the whole moving-in process.” He added that by building on spec, the lead in time was reduced “which is important for a market with limited supply”.

The new tenants will join existing occupiers Merck, DHL, doTERRA, Nisbets, Park Place Technologies, FedEx, and Paardekooper at the more than 70-acre Blarney Business Park where just one site remains to be developed. Full planning permission is in place for a 57,000 sq ft (5,295 sq m) building where it’s intended to start construction in early 2027. The business park, acquired by the JCD Group in 2018, is located next to the proposed park-and-ride and Blarney railway station, as well as significant new housing developments in Stoneview. Thirteen buildings spanning over 550,000 sq ft (51,096 sq m) have been completed by JCD since 2018 and the park has become a key employment hub for the northside of Cork city, according to the group. It’s home to a variety of business types from transport and logistics to high value manufacturing, serving both multinational and indigenous occupiers.

CWS, Block 8007 Blarney Business Park 

Evergreen Business Park, which is in the heart of Little Island, is a new 250,000 sq ft (23,225 sq m) development which will consist of four “best-in-class" buildings when fully developed, with 14m eaves heights and generous yards and circulation areas. Three of the four buildings are now completed with Silverstream Packaging Ltd occupying E400, Harvey Norman expected to occupy E100 in October, and the shell and core works of E500 just finished and ready for tenant fit out. E500 consists of 45,000 sq ft (4,180 sq m) facility with 14m eaves, four dock levelers and two grade level doors.

A spokesperson for JCD said “detailed discussions are ongoing with a number of occupiers” in relation to this building and for the final building in the scheme, E200/E300, which will consist of 110,000 sq ft (10,219 sq m), with construction expected to commence in early 2027. This building will have 10 dock levelers, two grade level doors and a 42m deep yard.

The spokesperson said rental levels achieved “are close to Dublin rental levels with buildings larger than 50,000 sq ft achieving €14psf and smaller scale buildings at €15psf plus”.

A Market Outlook report published in January this year by commercial agents CBRE put prime industrial rents in Cork at €13.75psf, but noted that low vacancy rates and significant requirements “were setting the stage for a stronger year ahead”. The current vacancy rate for industrial building sin Cork is just 1.6%, which JCD said “indicates a very tight industrial market with limited available high-quality stock”.

Letting agent and director with Savills Niall Guerin said Niall Guerin, Demand in Cork continues to significantly outstrip supply, with industrial vacancy rates remaining at historically low levels.

He added that occupiers across a range of industries “continue to seek expansion opportunities and remain focused on securing high-quality modern accommodation”. “Cork is the only regional market outside Dublin that has consistently delivered speculative industrial development to support both its substantial multinational base, particularly within the pharmaceutical and life sciences sectors, and the needs of the wider local economy.

“The limited availability of modern warehouse stock, combined with developments such as Evergreen and Blarney Business Parks and Cork's deep talent pool, continues to drive occupier demand,” Mr Guerin said.

The JCD Group, which prides itself as one of the only developers “speculatively building” commercial warehouses in the city, “at a time when demand is robust” delivers buildings to Gold LEED standard “in high-quality business park environments, strategically located on the main access road arteries into the city”.