Cork’s Ringport Business Park secures major industrial letting
Precision Quality Glass to take 95,000sq ft at scheme originally built by John Fleming
Ringport Business Park in Cork, where Precision Quality Glass has agreed to enter into a long-term lease
Ringport Business Park has secured one of the largest industrial lettings to have taken place in the Cork market within the past 10 years.
Precision Quality Glass (PQG) has agreed to enter into a long-term lease on Block A, which comprises a 8,825sq m (95,000sq ft) detached warehouse.
David McCarthy of Lisney negotiated the deal with PQG who will move from their existing premises at City North Business Park, and pay a rent in the region of €380,000 per annum (€4 per sq ft) subject to a significant capital spend by the tenants.
Ringport Business Park is a secure office and industrial/warehousing complex on a 6-hectare (15-acre) site. The scheme briefly comprises three main blocks of high-bay warehousing incorporating office accommodation with a total floor area of 19,510sq m (210,000sq ft). While some 10,684sq m (115,000sq ft) of space remains available through joint agents Lisney and Cohalan Downing following PQG’s agreement to rent Block A, McCarthy points out that some of this accommodation is already under offer thanks to the strong demand for large-scale industrial space within the vicinity of Cork port and Cork city.
Ringport was purpose-built originally by developer John Fleming for his Fusion Building Solutions business, which employed up to 700 people, system-building steel-frame structures for the Irish and UK apartment and student accommodation sectors.
The development is situated on the eastern side of Ringaskiddy village, just south of the main Ringaskiddy road (N28), in an established industrial location 16km east of Cork city. Neighbouring occupiers including Pfizer, Novartis, DePuy, Johnson & Johnson, Glaxo Smithkline and the National Maritime College of Ireland.
The port of Cork is situated close by to the north and is currently undergoing a €100 million transformation under its 2010 strategic development plan. The €100 million development will see the delivery of an extension to the existing facilities that the port currently operates in Ringaskiddy.
The redevelopment of the port proved to be a key factor in PQG’s decision to relocate its glass processing operations according to the company’s managing director, Terry McGrath.
He said: “The location of the new facility in Ringaskiddy is ideal for this company as we will have access to our imported raw material directly from the new port and this is an ideal opportunity to reduce our carbon footprint.”
PQG expects to complete its move to Ringport Business Park by the middle of January 2020. The company’s installation of five glass processing lines and the commissioning of a new commercial aluminium facility at the site is expected to reduce the lead-in times for the delivery of both products to the domestic building industry.