Cork’s Airport Business Park's largest office sale a run-way success

The largest office building in Cork’s Airport Business Park has been sold to an investor, for just over €5.5 million – and, it is likely to be offered to the rapidly expanding international communications company Newsweaver, whose global HQ is already at the Airport Park.

Sold smoothly over the quiet summer months, after going to best bids, was building 5100, a 60,000 sq ft three-storey office building in a crescent near a similar, slightly smaller building in the Business Park which has some 750,000 sq ft of office accommodation overall.

Building 5100 was offered in May via private treaty by agent Edward Hanafin of Lisney for receiver Gearoid Costelloe of Grant Thornton, guiding €5.5 million.

“It attracted strong interest from Munster-based investors, as well as Dublin investors and some overseas interest,” said Mr Hanafin, confirming the move to sell by best bids in July after the strong level of vieings and “four bids were received and the property achieved a little over the €5,5m guide.

"Sale contracts were signed quickly and the sale completed at the end of August.” While the purchaser isn’t identified, he confirmed it to be “a Cork-based investor,” who will now seek to let it out.

Market sources says there’s a considerable coming space requiement signalled by the software internal communications company Newsweaver, founded in Cork in 1996 and headed by Andrew O’Shaughnessy.

Newsweaver moved a number of years ago from a West Cork base to the Cork Airport Business Park, where it now has about 20-25,000 sq ft across two buildings, and has building 2200 as its Global Headquarters.

At the end of 2015 it confirmed plans to ramp up employment from 80 to 140 jobs and further growth is envisaged, hence further space needs.

It has clients in 100 countries, providing internal communications for up to 10 million employees across many FTSE 100 and Fortune 400 firms, including Nike and Barclay, with offices in London, Boston and has its a global HQ in Cork.

The €5.5m investment sale of building 5100 on 2.9 acres with 240 parking spaces through traditionally quieter summer months “is a good indication of the strength of the office market and of Cork Airport Business Park as an office location.

"The vacancy rate in Cork Airport Business Park has reduced considerably over the last 18 months and there is upward pressure on rents,” according to Lisney director Edward Hanafin. Occupiers in the park, which is also served by two hotels, include Amazon, IBM, Bank of New York, Logitech, Aviva, Clear Stream, Open Text, Marriott, Red Hat and Newsweaver.

DETAILS: Lisney 021-4275079

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