A €100 million project in Cork city involving the development of 400 acres of docklands was opened yesterday.
The development of the City Quarter, undertaken by Howard Holdings, includes office and retail development at Lapp's Quay. It is expected to lead to further developments along the 4km of docklands flanking the river Lee.Lapp's Quay is the first development in the modern renewal of Cork's docklands and could transform the area.
Cork city manager Joe Gavin yesterday said the City Quarter project was a magnificent start to the docklands renewal. The quality and tone was a model for dockland development, he added.
The development, officially opened by Minister for Enterprise and Employment Micheál Martin, includes two linked, six-storey, south-facing buildings offering 7,432sq m (80,000sq ft) of office accommodation.
There is also 1,860sq m (20,000sq ft) of ground floor commercial space, a 200-bedroom four-star hotel and an international conference centre. The project also involved the excavation below river level of two storeys, offering underground parking for 275 cars as well as the reconstruction of the limestone quay wall and the boardwalk.
Lapp's Quay, a derelict site three years ago, is expected to bring economic benefits to the city. Mr Gavin said yesterday he was pleased with the south-facing orientation of the development and the construction of the boardwalk.Work on the Scott Tallon Walker-designed development began in May 2003 and was completed on schedule. Greg Coughlan, managing director of Howard Holdings, said virtually all units in the development had been taken up, raising the bar in terms of rent.
"When we started out, the going rate for office space in Cork was less than €20 per sq ft. We are getting €30 per sq ft but firms are prepared to pay for quality third-generation office space in Cork," he said.
Among the tenants are Thomas Crosbie Holdings, publishers of the Irish Examiner and the Evening Echo, which have taken 3,159sq m (34,000sq ft) of office space as well as a retail outlet. They will move from their Academy Street headquarters next year.
Mr Gavin said Lapp's Quay showed a demand for quality development in the city centre and augured well for Cork's commercial development.
"What the Howard Holdings development says is the city centre is capable of taking a considerable volume of good quality development - rents have increased but when you have good quality, people are prepared to pay more," he said.
