THE €160m Horgan's Quay development in Cork City has secured its first office tenant, Spaces, a co-working sister company of serviced office provider Regus.
Spaces has agreed to pre-let 30,000 sq ft in one of three office blocks currently under construction.
The deal was negotiated by Savills with HQ Developments, a joint venture between Clarendon Properties and BAM.
Rental terms were not disclosed, but prime rents for this location are quoted at around €35 per sq ft, compared with over €60 per sq ft in Dublin.
Located close to Kent railway station, Horgan's Quay is a major rejuvenation scheme for the city and HQ's three Grade A office buildings will provide 310,000 sq ft of space.
In addition, the development will include 325 apartments, an array of retail and restaurant outlets, as well as a 120-bedroom boutique hotel with rooftop dining, which will be operated by Press Up Entertainment Group.
The first office block, Block 1, is due for completion in summer 2020, with Spaces expected to commence trading in the autumn.
Spaces is part of IWG Group, a multinational corporation that provides serviced offices, virtual offices, meeting rooms, and video conferencing to clients on a contract basis. The company owns and operates several globally recognised brands, including Regus and No18. It was founded in Brussels in 1989. The six-acre Horgan's Quay development incorporates over 6,000 sq m of new public realm with direct train station access, as well as 2,155 sq m of amenities including a food market, ancillary shops, restaurants and a 208 sq m crèche.
As part of the conservation of the site's industrial heritage, the project will refurbish the former Station House, adjacent to Cork's Kent train station, which will form the centrepiece of the residential development. The Carriage Shed will house retail and restaurant uses, and the Goods Shed refurbishment and restoration of the nine-metre-high Cork Limestone wall are integral to the office development.
Ronan Downing, of Clarendon Properties, said: "We're making great progress in the development of Horgan's Quay, and look forward to agreeing further pre-let agreements with office occupiers, in addition to retail and restaurant operators."
Paul MacAndrew, country manager at IWG Ireland, said: "Spaces offers a new type of workspace for companies and individuals looking for a place to work flexibly and be inspired by other like-minded people. We see this riverside city centre landmark building as a great fit."
Spaces also operates on a riverfront location in Dublin at Sir John Rogerson's Quay.