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Aerial view of the Cork Docklands. One of the developments is expected to be announced for the North Docks. Pic: Tom Coakley
Aerial view of the Cork Docklands. One of the developments is expected to be announced for the North Docks. Pic: Tom Coakley
SOCIAL BOOKMARKS

New developments to be announced for Cork as demand for office space continues

TWO major office developments are set to be announced in Cork city next month, as demand continues to increase for top-quality space on Leeside.

The developments are expected to be confirmed before the end of May and could deliver a significant boost to the availability of office stock in Cork.

It is understood that one of the two developments includes a major site on the city’s north docks. The other development is targeting a city centre site, adjacent to the bus station on Parnell Place. While it is believed to be a smaller scale project, it has been described as ‘significant’ for the city.

In addition to the commercial property announcements, it has also been confirmed that the former Ford depot site could be set to become home to more than 1,000 apartments as international interest increases in the 11.35-acre site.

The landmark site, viewed as one of the most important elements in the wider redevelopment of the Docklands, is listed for sale at €8.5 million.

Selling agents CBRE has confirmed that in the three weeks since it was listed for sale, dozens of enquiries have been fielded, including queries from ‘Irish, UK, European and Middle East’ investors.

Ray O’Connor, regional business development manager for IDA Ireland, said that there is significant demand for grade-A office space in Cork.

“We are continuing to field demand for office space in the region, especially in Cork city,” he said. “There is a significant need for more grade-A space. There is more coming on stream, but there is limited capacity, at present.”

Several city schemes have planning permission, including Camden Quay and Trinity Quarter. Work has yet to begin, however, as developers await a tenant to lease the buildings.

“For us, the challenge is securing a pre-let, as this is a requirement to access development finance,” Mr O’Connor said.

Development is not confined to the city centre, with several major suburban schemes also potentially progressing this year.

“There are a range of developments in the suburbs, too, including Cork Airport Business Park, Ballincollig, and Curraheen,” he said.

Tánaiste, Simon Coveney, said Cork was about to experience a period of unprecedented development.

“I have been saying, for some time now, we are about to see a decade of growth and expansion in Cork, that I have never seen in my lifetime, if we manage it right. There is an appetite, now, to invest again and we have fantastic sites. We are starting to see some big planning decisions come through.”