AN ENTIRE South Mall building, opposite the Imperial Hotel, is coming to market for lease because overhead tenants, law firm Ronan Daly Jermyn, are relocating to City Gate Park in Mahon, Cork.
Further significant announcements are also on the way for the Mahon scheme, marketed by Downing Commercial and CBRE for John Cleary Developments. Dell is already in situ at the premises.
RDJ and John Cleary Developments have recently been told by letter by City Hall that the type of commercial law office uses at City Gate Park is permitted under the scheme’s grant of planning permission, after a planning declaration was sought about its eligibility.
Rents at the fully-completed 300,000 sq ft City Gate Park (the second phase of John Cleary’s large-floorplate provision is primarily aimed at FDI arrivals with significant space needs) are quoted in the region of €22-€24 psf, with 28,000 sq ft of overhead accommodation now being fitted out there for Cork city’s largest law firm. About 125 jobs in all are on the move. RDJ has taken on an additional five solicitors since Christmas, is actively recruiting, and is at its largest employment tally to date, with about 70 solicitors in the firm’s four areas of operation.
“We weren’t looking to get out of the city centre,” said RDJ managing partner Richard Martin. “But were looking for a space and a place that best served our staff and our clients, and having it on one floor-plate made best sense.”
Making the change from city centre to a rapidly established office location, RDJ is now preparing to vacate the upper floors of 12 South Mall, in mid-May as its lease expires.
They’ve had some 22,000 sq ft of floor area for a number of years. Also vacating No 12 is insurance company Marsh, who’ve had half a floor in the building, which is owned as an investment by a company associated with developer Michael O’Flynn.
Joint agents DTZ Sherry FitzGerald and Savills are preparing to market No 12, as an entire for corporate use, or in sections. There are several inquiries live for the city centre right now, including one with the OPW, it is understood. In all, about 25,000 sq ft will be available at No 12. Rents may be about €12-€15 psf overall.
Details: Savills, 021-4271371; DTZ Sherry FitzGerald, 021-4275454; Downing Commercial, 021-4271000
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