€125 million development by JCD Group set to change the landscape of Cork Docklands

A new 250,000 sq. ft. development of state of the art office blocks spread over 1.8 acres is proposed for Penrose Quay in the heart of Cork’s Docklands. This marks a major investment for the City and is being described as another significant step in moving the development of Cork’s docklands forward and further strengthening the city’s offering as a prime European location for Foreign Direct Investment. Cork competes at a global level for FDI and typically wins investment based on its combined offering of Quality of Life, Lower Cost Base (office space typically 50% less than Dublin) and well-established Multinational and Educational ecosystem, which provides access to a deep pool of talent.

 

JCD Group’s latest development, which will be branded Penrose Dock, facing south on the river, will help bring balance to the proposed development of the docklands with both quays being built out concurrently to transform this historic area of Cork City. The development of the docklands has been a strategic focus of the city planners for some time and now looks set to become a reality.

 

JCD Group, one of Ireland’s leading private commercial property companies, have confirmed that they are lodging a planning application to build the world class office development, Penrose Dock, in the heart of Cork City on the North Quays. The scheme, which has been designed to tastefully accommodate and retain in full the historic 12,000 sq. ft. Penrose House, will also consist of two large individual office buildings. One Penrose Dock will be located on the river with a net lettable area of 78,000 sq. ft. and Two Penrose Dock will be located on the north of the site next to the new pedestrian entrance to Kent station and will have a net lettable area of 160,000 sq. ft. A key feature of the buildings design will be large column-less floor plates, which will allow panoramic views of the harbour and city.

 

The development, which is an 8 minute walk to St. Patrick Street and next to the rejuvenated McCurtain Street, will further enhance the Victorian Quarter and feed into the many bars, cafes and restaurants.

 

The scheme will also have a double basement with space for 160 cars and a 10,500 sq. ft. state of the art gym. In addition, there will be a large townhall space that can be used for hosting events and conferences. Other staff amenities will include a coffee shop and wine bar/restaurant. This transformational development will be designed to achieve the Platinum LEED standard, the first office building outside of Dublin to do so and has the potential to accommodate over 2,200 employees. Located right next to Kent station, is expected to be another key part of Cork’s long-awaited docklands development and will complement the existing and planned schemes such as One Albert Quay and Navigation Square on the south quays, as well as Horgan’s Quay with its proposed hotel, over 240 apartments and office scheme. As part of the National Planning Framework 2040, Kent station has been identified as a key interchange point for the new Rapid Transit Corridor, which will run from Ballincollig to the Docklands and Mahon via the City Centre. In addition, the new light railway project proposes to serve more stops along the eastern and northern corridors as far as Cobh and Mallow respectively, giving employees living in the suburbs feasible and reliable public transport alternatives.

 

Penrose Dock has been designed by the same award-winning Architects, as the Capitol, Wilson Architecture. The scheme’s look and scale fits in well with the permitted HQ development and combined they have the potential to transform the entire north quays into a new thriving economic centre in Cork. John Cleary, CEO of JCD Group said “We believe this development holds huge potential for Cork and can help transform this area of the city. 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. These companies wish to offer their employees the very best places to work, which are easily accessible from a public transport perspective and close to amenities such as gyms, bars, shops and restaurants. It is our intention, subject to receiving acceptable planning permission, to commence construction immediately.”

 

CD Group already have a proven track record for the design and on time delivery of largescale developments having delivered over 850,000 sq. ft. of Grade A office space in Cork since 2008. The company has an unrivalled track record and reputation for attracting and working with Multinational companies. These global companies are the principal occupiers of their recently completed city centre projects; One Albert Quay, The Capitol and the refurbishment of 97 South Mall, as well as the City Gate campuses in Mahon. All these developments are now fully occupied proving Cork is a much sought after and credible location for large multinationals. There are currently over 4,500 people employed by occupiers in completed JCD developments. Their latest scheme, 85 South Mall, is currently under construction and the company expect to be in a position shortly to announce the occupiers.

 

Speaking about today’s announcement, An Tánaiste and Minister for Foreign Affairs & Trade, Simon Coveney said “This is 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. Developments like this from JCD will ensure Cork is an exciting place to live and work and competes on an international stage for business.”

 

Also commenting on the announcement, Conor Healy, Cork Chamber CEO, said, “This development is extremely exciting and a vote of confidence in the future of both our docklands and our city as an ideal global investment location. Cork has a high demand for office space in the heart of our city and our skyline is currently seeing rapid change which is highly encouraging. Cork Chamber has been very active promoting the potential in Cork for IT and international financial services companies looking for a new European home and we have received a lot of interest in what Cork can offer. The timing of Penrose Dock is thus highly strategic and will appeal strongly to international investors. I commend JCD Group for pursuing an ambitious vision for transforming Cork in such a positive way.”

 

The Penrose Dock development is expected to take up to 18 months to complete and will sustain 250 construction jobs during the build.

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