Industrial land prices in Cork have shot up from £40,000 per acre in 1990 to over £220,000 today, but that has not deterred the construction of business parks, which are springing up around the perimeter of the city.
Generally geared towards light industry and information technology, they have largely attracted the interest of outside industrialists. The number of investors making a commitment to Cork is a sure sign of increasing confidence in it as a commercial city, says Joseph McCarthy of Irish and European Auctioneers.
Already, major international companies like Apple, Pfizer, Motorola and the EMC corporation are located in Cork.
"Cork has become attractive to these industrialists for several reasons," says McCarthy, "not least of which is the new road infrastructure and the Jack Lynch Lee tunnel, which have improved accessibility to all parts of Cork."
The ring road, nearly completed, will skirt the entire city giving easy access to all national primary routes to Cork and is now flanked on both sides by commercial and light industrial developments.
Another draw is the fact that Cork is a university city with two third-level institutions - University College, Cork, and Cork Institute of Technology - which between them have 16,000 students, providing a pool of graduates with a variety of skills and research qualifications. The Cork City Development Review for 1997 shows an expanding population and labour force, mainly in the 25 to 40 age group.
The first phase of Cork Airport Business Park, which has 200,000 sq ft of high specification office space, is now complete and fully let. Tenants include Warner Lambert, Black and Decker, Motorola and Comnitel Technologies. Phase two is over 150,000 sq ft and rents are £13£14 per sq ft.
Eastgate business park, close to the northern entrance of the Jack Lynch Lee tunnel, is - at 120 acres - the biggest development of its kind outside Dublin. It will be completed over the next three years on a rolling basis and will eventually provide over two million sq ft of office space and employ close to 6,000 people.
The first phase of the smaller commercial units was sold with prices in the region of £90 per sq ft.
Euro Business Park, situated on a 50-acre site on the main Cork/Waterford road, is zoned as a warehouse and service park. Companies already based there include Ascon and Jones engineering. Lisney is currently marketing serviced development sites here and has achieved prices in excess of £350,000. Phase two has just been released and is geared towards warehouse, distribution and light manufacturing. Sale prices are pitched at £80 per sq ft.
The University Technology Centre in Bishopstown is currently under construction and this is due to be completed in January 2001. It will provide over 100,000 sq ft of office space. A business park in Ballincollig is due to be completed by the summer of next year.
There are currently several shopping centres under construction in Cork. In Blackpool, a centre with 39 shop units, including a 73,000 sq ft Dunnes Stores as anchor tenant, is due to be opened in the autumn. Rents are pitched in the region of £40 per sq ft.
Carrigaline shopping centre will have its official opening in October. A 30,000 sq ft SuperValu supermarket is already trading there. The Wilton shopping centre has had planning approval on an extension that will increase its size by 50 per cent.
According to Peter Flynn of Collier Jackson Stops, Cork is at the stage of development Dublin was at three years ago. "Cork, in the past, was perceived to be a little behind and we needed to get the confidence of investors.
That has happened now and they are investing in some large-scale schemes," he says.
