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Cork's largest-ever office development just got a new owner

One Albert Quay will sell for up to €58 million.

An artist's impression of One Albert Quay in Cork
An artist's impression of One Albert Quay in Cork

AN OFFICE COMPLEX under construction in Cork’s city centre will change hands for up to €58 million.

Listed property investment company Green REIT has struck a conditional deal to buy One Albert Quay, which will be the city’s largest office development when finished early next year.

The company this morning said it would pay between €55 million and €58 million for the complex, the first major city-centre office development for Cork in over a decade, with the final price depending on final letting arrangements.

Tyco and PwC have already agreed to lease over half the building’s expected 15,400 square meters in floor space.

It has been under development by the JCD Group, which is led by local businessman John Cleary.

The company is also behind plans to redevelop Cork’s derelict Capitol Cinema into a €50 million retail and office complex.

Capitol Cinema Cork's Capitol Cinema Source: Cork Past and Presnt via Cork City Libraries

Greet REIT chief executive Pat Gunne said his company was delighted to announce it was buying “Cork’s best office building”.

The company was the first listed property trust to set up in Ireland after the government brought in new rules that allowed the businesses to trade without paying corporate tax.

Its previous deals include buying a €375 million property bundle made up of buildings at George’s Quay, George’s Court and Blanchardstown’s Westend Shopping Park.

READ: Part of the GPO has come onto the property market >

READ: A local councillor has called for the removal of the LGBT pride flag from Cork City Hall >

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About the author:

Peter Bodkin  / Editor, Fora

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