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Re: News

#733157

lexington
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@dowlingm wrote:

Lexington,

would appreciate any further info on the Temple Hill proj. Have been recalling the site as I saw it last – seems a challenging project to me!

I’ll have so more info on the project early next week.



*UPDATES*

:) Ascon Ltd have begun the preliminary work (roads, piping, deconstruction of the College Road Boole Gateway – a PS – due to be be reconstructed after completion of the Boole etc) on the University College Cork, 60,000sq ft, 32m euro Boole Library extension. Although, I have no confirmation whether Ascon are the main contractors on the project yet. Primary construction has been earmarked for June 2005 with a completion date set for late 2007.



Correction and UPDATE

Based on info I secured for a prominent Cohlan Downing associate, I believe I may have reported that City Quarter had been 100% sold, let or reserved – evidence provided by Howard Holdings today has said that this info was based on a ‘pre-empted deal’ and in fact 90% had been to-date successfully sold, let or reserved. 1 floor (3/4) only remains – w/ 4 offers standing. Howard Holdings today erected a large banner across their City Quarter office development to promote the fact – in an effort they hope will fuel record sale or letting rates within the development. My apologises for the inaccuracy.


City Quarter, Lapps Quay

– However, indeed, 60% of neighbouring office development, No.6 Lapps Quay by O’Flynn Construction (in advanced construction stages) has been sold, let or reserved already. No.5 Lapps Quay adjoining, which was sold on a floor by floor basis, has been completely sold out.


No.5 & No.6 Lapps Quay



:cool: It seems that both O’Flynn Construction & O’Callaghan Properties are in the Favourite 4 of the OPW’s books for providing the new 80,000sq ft of office space required by the Revenue Commissioners in Cork.

Although CCC were anxious to see the requirement spur a further docklands development – and it was certainly an ideal candidate – approaches by the 2 developers, promoting their Ballicollig Town Centre Office Campus and Mahon Point Office ‘Arena’ respectively.

Other runners who have approached the OPW have included SHUL, Corbett Bros., the Kenny Group and others. However, the OPW had been issued specific guidelines, which required them to seek office space (city centre) currently under development or in planning. Final offers are due March 24th 2005. With City Quarter already full, No.6 Lapps Quay more than half sold or let, no other city centre office development currently in planning or under construction is suitable to OPW requirements (Corbett Bros. Copley Street office development measures only 60,000sq ft, SHUL’s Tellenganna Lodge development = 60,000sq ft, The Kenny Group have only site offerings) – only O’Flynn’s 130,000sq ft office development at BTC, and OCP’s 130,000sq ft office campus at Mahon Point have planning in place. The problem is, neither of the developments are in the city centre or within the 2km radius of Kent Station, as required. It is viewed the OPW may overlook this, with O’Flynn Construction possibly offering a concessional public office at its No.6 Lapps Quay office development in the city centre, while the bulk of the Revenue Commissioners space remains at BTC. Similarly, OCP may offer a concessional city centre space to the RC at 21 Lavitts Quay office development, at the bulk of the RC space at Mahon Point. O’Flynn Construction project that they will have the majority of office space at BTC available for Spring/Summer 2006, while OCP project that they could speed up development of their office element for completion in Summer/Autumn 2006 also.

Though other offers will undoubtedly be made by other developers, and perhaps the RC will remain in the city – I just thought I’d let you know the perspective of the above developers. The OPW may for example, be so attracted to a site like the one offer by the Kenny Group at 50 Grand Parade (right across the bridge from their existing Sullivans Quay office building), they may be willing to wait while the project runs through planning again and is constructed thereafter. Who knows?! It’ll all depend on the offers – but consider the advantages of BTC and MP – low rates, free abundant parking, a myriad of staff facilities, easy access. Hmmmm. It would be nice to see such a large development stay in the city centre however.

Both OCP and O’Flynn Construction (OFC) are just itching to get another presence like that which Sullivans Quay offers in the city centre however. A few subsidence issues rectified and the site could allow for a whopping development!!!