A good test of the pick-up in economic activity, and the demand for large logistics-related buildings, will come following the launch this week of a 53,000 sq ft multi-purpose building ‘box’ at Wallingstown, Little Island, just east of Cork city and the Jack Lynch tunnel.
It’s the first, and only, speculatively-built facility of any scale to come to market in Cork in several years, say agents Savills.
The sizeable building on a four-acre site is nearing ‘practical completion’ for the start of June, and can suit or be adapted for pharma, storage, distribution and other uses, says agent Niall Guerin of Savills.
Behind the build is the development wing of the O’Connell Group, a logistics company with a 30-year business pedigree and which controls 750,000 sq ft of warehousing and runs a fleet of 24 trucks.
The O’Connell Group bought an older plant from pharma, health and nutrition company FMC several years ago, demolished it and now has replaced it with a ‘Grade A new modern HQ-style warehouse facility’: it’s being completed to standard shell and core and landlord spec, allowing potential occupiers to engage now as modifications can be accommodated at this stage in the programme of ‘box’ building development, it’s stated.
The four-acre site can allow future expansion, of up to 30,000 sq ft, say the agents, and the building has a one dock leveller, four grade level doors and planning for two further docks, and additional capacity if required. Eaves height is 13 metres.
Rent sought is €7.50 per square foot, which Mr Guerin says is competitive for such a good quality building in a long-established hub like Little Island, catering for IDA/IT, logistics and pharma sectors.
Comparable rents in Dublin are in the region of €8.75, and recent deals in Cork have gone in the €6-7/7.50 level, albeit for smaller units, according to Mr Guerin.
“Industrial rents have come back well in the last several years, almost two-fold in some cases,” he observes.
“It’s the only speculative warehouse building in the Cork area for a number of years and the developers recognised the needs of existing and future occupiers in the market for new, modern, well-designed component functional and efficient facilities.”
Details: Savills 021-4271371
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