CORK’S City centre office supply looks set to take a quantum leap forward along its quays, hot on the heels of the success of the One Albert Quay development by John Cleary Developments.
In the week that O’Callaghan Properties confirmed their plans to develop 360,000 sq ft of fourth-generation Gold LEED standard offices on Albert Quay and Albert Road around Navigation House, marketing is about to start on a further 240,000 sq ft of offices at Trinity Quarter by South Terrace.
Full planning permission is in place to demolish the old Brooks builders providers building on the Lee’s south channel by Copley Street and South Terrace near Union Quay: the 1.3 acre Trinity Quarter site was bought at market peaked in 2008 by Reox/Alchemy (the property wing at the time for Dairygold) for a considerable but unconfirmed c €15 million. Dairygold, currently on an expansion drive in Mallow, remain a parent company of the Trinity Quarter site’s now-named developers Watfore Ltd, to a design by RKD Architects.
Joint agents CBRE and Lisney cite Trinity Quarter as “the next world-class office development for Cork city, and an inspiring office development”. They say they are “dealing with a number of active office enquiries to secure a pre letting at Trinity Quarter, with a view to the development commencing in 2016.”
It comprises a five storey waterfront office development with basement parking and bike park, it has an internal landscaped courtyard, full height atrium reception, with a roof garden.
Letting agent Margaret Kelleher of Lisney says the building’s location, reached from the South Mall via a pedestrian bridge and from the city link road via Copley Street, is “strategic, located in the city centre, close to public transport links and a number of city centre multi-storey car parks.”
The Grade A office development will deliver 244,000 sq ft of commercial accomodation, crucially with individual floor plates of up to 43,000 sq ft available.
Meanwhile, the €90 million office development proposed this week by O’Callaghan Properties (OCP) may be 50% bigger than Trinity Quarter, and twice the size of JCD’s 170,000 sq ft One Albert Quay, with floorplates of 7,000-20,000 sq ft, while OCP also have a prime office site lined up at Andersons Quay. Further office sites may be delivered along the docks, at Horgans Quay, and at the very end of the Port of Cork site where the Lee’s two river channels meet, likely to come to market formally within weeks, at a c €5m guide and open to mixed proposals, including hotel, but needing conservation of the bonded warehouses and Harbour Commissioners offices.
New and existing office block proposals aimed at FDI companies in the main have the potential to change the face of the city centre in the next few years, noted outgoing Government minister Simon Coveney who said development was now progressing “from the heart of the city, outwards,” listing One Albert Quay, the Capitol site with its office element, the Events Centre, Sullivans Quay and Trinity Quarter as examples.
“The fact that O’Callaghan Properties say they will start building as soon as they get planning permission says a lot about the momentum building up and the confidence in the city. It’s opening up a new chapter and level of ambition for Cork,” said Mr Coveney.
They are taking a new 10 year lease, at a rent of €15 psf at the recently refurbished Park House, with air con, suspended ceilings, raised access floors, etc.
The letting was done by joint agents DTZ and HWBC who says “there was strong demand for the offices due to the high quality finishes and value relative compared to City Centre options.” A privately-owned Irish tech company founded in Cork in 2007 and up to now based in North Point Business Park, Teamwork won the 2016 Chamber of Commerce SME Company of the Year, and is expanding, set to double staff to 120 staff in Park House.
Agents HWBC and DTZ are marketing 835 sq m of remaining offices within Blackpool’s Atrium building, with suites ranging from 190 sq m to 360 sq m available at rents of €15psf.
Details: Lisney 021-4275079, www.trinityquarter.com, DTZ 021-4275454
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