PLANS HAVE BEEN lodged to build a new €160 million mixed-use development on the banks of the River Lee in Cork.
Documents filed with Cork City Council this week by HQ Developments Limited outlined a project to develop eight new buildings on a six-acre site at Horgan’s Quay.
The new building on the previously unused industrial land would include 237 residential units across four apartment blocks, a 136-bed hotel with a rooftop restaurant and nearly 3,000 sq ft of retail space.
There would also be a total of 400,000 sq ft of office space, enough to accommodate up to 5,000 workers, across three separate buildings.
A new 54,000 sq ft public space will also be created as part of the overall development, while a number of existing buildings on the site, including the Station House, the Carriage Shed and the former Goods Shed, will be restored as part of the plans.
It is expected that the development will take between three and five years to complete, with work to start at the beginning of next year if approval is granted. At peak construction, there would be 450 workers on the site.
HQ Developments Limited is a joint venture between construction firms Clarendon Group, owned by Paddy McKillen and Tony Leonard, and one of Ireland’s largest building contractors, BAM Ireland.
Last year, a deal was agreed between CIÉ, the owner of the site at Horgan’s Quay, and HQ Developments Limited to lease the land.
Under the terms of the deal CIÉ will get one-tenth of the rental income from the development as part of a 300-year lease.
Attracting investment
Cork Chamber chief executive Conor Healy said the new development will help the city attract more foreign direct investment.
However, he also noted that key aspects of Cork’s infrastructure still need to be brought up to scratch to facilitate more multinational firms.
“With those new jobs comes a demand for good quality city centre residential accommodation particularly focussed on the rental market where there is currently a shortfall,” he said.
Also, in recent years due to growth in both the business and leisure markets, visitor numbers are growing considerably with widespread recognition of the need for additional hotel rooms and supporting retail and hospitality offerings.
Several other major developments are currently in the pipeline for Cork, including the €90 million ‘Navigation Square’ office complex at Albert Quay and a new office block in the city centre on the South Mall.
Written by Killian Woods and posted on Fora.ie
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