Tuesday 25 June 2019

Delivery of second phase at Navigation Square underway

O’Callaghan Properties MD Brian O’Callaghan pictured on site at Navigation Square at Albert Quay in Cork City
O’Callaghan Properties MD Brian O’Callaghan pictured on site at Navigation Square at Albert Quay in Cork City
Ronald Quinlan

Ronald Quinlan

O'Callaghan Properties is to press ahead immediately with the construction of the second block of its Navigation Square development at Albert Quay in Cork City.

News of the 100,000 sq ft building's delivery comes as the €90m scheme's first block is readied for the commencement of tenant fit-out works next month.

Deutsche Börse Group, one of the largest exchange organisations worldwide is Navigation Square's first tenant through its post-trade services arm, Clearstream.

Currently employing 362 staff at Cork Airport Business Park, Clearstream will add 200 further jobs through its move to Navigation Square.

Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 56 domestic markets worldwide. Clearstream is taking 70,000 sq ft of space in the first building in Navigation Square with a further provision for 20,000 sq ft.

Navigation Square is a 350,000 sq ft office development, consisting of four separate buildings of fourth-generation office space, designed to Gold LEED standards. The project will be capable of hosting some 3,000 employees when fully occupied.

The development includes flexible floorplates and roof terraces with spectacular views of the city and port, a large central plaza with café and restaurant units with parking and staff facilities contained in a double level basement of 100,000 square feet.

Commenting on O'Callaghan Properties' decision to commence the development of Navigation Square's second building, the company's managing director, Brian O'Callaghan said: "There is a really strong development momentum in Cork City at present and a growing realisation that the cost of doing business here is much more competitive than Dublin across a range of critical metrics, especially the price of commercial property which is about 50pc of that in Dublin. "With effective marketing and the full delivery of the Government investment programme for Cork as outlined in Ireland 2040 strategy, I think Cork is well-placed to kick on to become a city of scale and a genuine counter balance to Dublin in the post-Brexit era. We should be operating confidently in that belief."

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