Go-ahead for €125 million Penrose Dock proposal

A MAJOR city centre office development has been given the green light by city planners in another significant boost to Cork.

Planners yesterday signed off on the €125 million Penrose Dock proposal from John Cleary Developments (JCD).

The 250,000 sq ft development will sit on a 1.8-acre site on Penrose Quay, right at the heart of the city's docklands. It is the latest in a series of plans approved as Cork increases its standing in terms of foreign direct investment potential.

Penrose Dock will face south onto the river and will retain in full the historic quayside Penrose House.

It will consist of two large buildings and includes space for a café, underground parking and a state-of-the-art gym, as well as a townhall space that can be used for conferences and events.

When announcing the scheme, developers JCD confirmed that 250 people would be employed on site during the build, which would take an estimated 18 months to complete.

The decision to grant planning was welcomed by senior officials in City Hall.

It now means that more than 1,000,000 sq ft of offices have been given planning in the last two years.

The sprawling Navigation Square development - a €90 million project with 310,000 sq ft of offices - was approved in September 2016. Its first block is nearing completion with its second expected to start imminently.

Nearby, the 50,000 sq ft block at 85 South Mall (valued at €30 million) is nearing completion, with tenants expected to be operating by the first quarter of 2019, while planning has also been granted for the 400,000 sq ft, €160 million office development on Horgan's Quay, adjacent to the Penrose Dock project. The HQ scheme also includes apartments and a hotel.

In all, some 1,010,000 sq ft of offices have been approved in the last 24 months, valued at more than €400 million.