MORE than one million square foot of office space is in development in Cork city after this morning's announcement of a €125 million, 250,000 sq ft development at Penrose Quay.
It marks a total investment of €425 million in the city's office infrastructure, with a number of high profile schemes at various stage of planning and construction.
This morning, JCD confirmed its plans to build a massive new office development on a 1.8 acre site on Penrose Quay at the heart of the city's docklands. The site is immediately adjacent to the 400,000 sq ft planned by Clarendon for Horgan's Quay.
It means that 1,073,500 sq ft - almost 100,000 sq m - of offices are in various stages of planning or construction between Penrose Quay, Horgan's Quay, Navigation Square, South Mall and Parnell Place.
The announcement is a major investment in the city and strengthens Cork's standing as a prime location for foreign direct investment.
Branded Penrose Dock, the new development will face south onto the river and is the latest step in the transformation of the docklands.
The scheme will retain in full the historic quayside Penrose House and will consist of two large individual buildings.
One, on the riverside, includes 78,000 sq ft of office space, while a second, located on the north of the site next to the new pedestrian entrance to Kent station includes a further 160,000.
There are also plans for a basement space for 160 cars and a 10,500 sq ft state-of-the-art gym, as well as a large townhall space that can be used for hosting events and conferences.
The plans, which will be lodged with City Hall soon, will also include a coffee shop and a wine bar/restaurant.
Penrose Dock is the latest in a series of major developments in terms of office space in Cork.
It follows last week's announcement of a 63,500 sq ft, 15-storey development adjacent to the bus station in Parnell Place from New York-based developers Kevin and Donal O'Sullivan. The €20 million scheme mimicks the iconic Flatiron on Fifth Avenue in terms of its design.
The €160 million HQ Development on Horgan's Quay is also expected to commence by the end of the summer, including 400,000 sq ft of offices in three blocks, as well as a hotel, apartments and retail facilities.
These are in addition to the in-progress Navigation Square (310,000 sq ft at €90 million) and 83-85 South Mall (50,000 sq ft at €30 million).
Announcing the plan for Penrose Dock, John Cleary, CEO of JCD Group, said there is 'huge development potential' for this part of Cork.
"Having travelled to see many similar schemes in other progressive cities around the world, we feel that the design, location and overall offering of Penrose Dock will prove very attractive to technology and financial services companies that are looking to grow their existing footprint or invest in Cork for the first time," he said.
"It is our intention, subject to receiving acceptable planning permission, to commence construction immediately."
Tánaiste Simon Coveney described the announcement as 'a really exciting development for Cork.'
"The city is going to be the fastest growing in the country over the next two decades and the conditions for expansion are created by Project Ireland 2040, our €116 billion National Development Plan," he said.
"Developments like this from JCD will ensure Cork is an exciting place to live and work and competes on an international stage for business."
Penrose Dock will take 18 months to complete once construction starts, with 250 jobs to be created during the build.