French investor seeks occupiers for two remaining floors at Cork’s Navigation Square 1

French investor Corum Asset Management is offering the final two floors at Navigation Square 1 (NSQ1) in Cork city’s docklands to the letting market

Located on Albert Quay, the first and second floors of the building comprise 3,099sq m (33,364sq ft) of grade A office space with floor plates ranging from 1,379sq m to 1,719sq m (14,851sq ft-18,513sq ft) along with 30 on-site secure car-parking spaces. While joint letting agents BNP Paribas Real Estate and Lisney haven’t specified a quoting rent, the offices are expected to command in the region of €35 per sq ft.

Designed by Henry J Lyons Architects, Navigation Square 1 is a seven-storey over double-basement, car-park building extending to 11,148sq m (120,000sq ft). The ground floor and third to sixth floors are occupied by Deutsche Börse Group through its post-trade services arm, Clearstream, one of the largest exchange organisations worldwide. The building, which was developed in 2018 by O’Callaghan Properties as part of its wider Navigation Square scheme, was acquired by Corum for €60 million in 2021 on behalf of its fund, Corum XL. The deal was widely acknowledged as a significant vote of confidence in the Cork office market as it represented the first investment in the city and county by the French property company.

[ French investor acquires Cork docklands office for €60m ]

The first and second-floor office accommodation is available for immediate occupation and has a full CAT A specification which was recently completed by its current owners. The office specification includes raised-access floors, suspended ceilings with LED PIR lighting, VRV air conditioning, four 21-person lifts and a floor-to-ceiling height of 2.85m. Both office suites are accessed via a double-height reception area at ground-floor level. The floor plates have minimal column intrusion and would suit a variety of business users.

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Navigation Square 1 has an LEED-Gold energy rating. There are excellent “end-of-trip” facilities including bicycle parking, scooter/motorcycle parking and EV-enabled car parking. There are also shower and changing facilities with lockers and dry rooms.

The arrival of the two floors on the letting market follows the recent decisions by serviced office providers Iconic, and US-headquartered technology company NetApp, to locate at the adjacent Navigation Square 2 (NSQ2). In its first move beyond the Dublin market, Iconic agreed to occupy a single floor (14,000sq ft) at the building while NetApp, a data management and hybrid cloud-services firm committed to 28,500sq ft for its first international headquarters outside of Silicon Valley.