2 days ago
Waterford's Glassworks 'first commercial property to be developed in city in over 20 years'
This week's launch of a flagship office building on the Kilbarry Waterford City site of the legendary crystal plant is a 'historic but important moment in the history of the Glassworks site and the first commercial property to be developed in Waterford in over 20 years'.
That's according to letting agents Cushman & Wakefield of the €43m Building One, the advance offer at a proposed €130m, 37-acre enterprise and innovation campus linking industry with South East Technological University (SETU) academic and research facilities.
'Building One', the initial 80,000 sq ft flagship office building of the Glassworks University Enterprise Quarter, is expected to open by Q3 2025
Space at the 80,000sq ft Building One, with floor plates of 17,000sq ft and planned to run free of fossil fuels, is expected to come on stream from Q3 2025 at rents of €32.50psf, with scope for 800 employees. The larger enterprise and innovation campus will accommodate up to 6,000 employees.
At its peak in the 1980s, Waterford Crystal employed up to 3,000. The crystal works finally ceased production in 2009, after 62 years, while the undeveloped site since continued to have an enormous significance for the South East region.
Crystal clear: entrance foyer of 'Building One'
Part of the ambitious Glassworks campus masterplan — to include a 580-bed student accommodation element on an adjacent site — the building is in a pivotal location beside SETU, the IDA business & technology park and the IDA industrial park. Building One will be Waterford's first purpose-built, BER A3-rated office building, meeting LEED Gold and WiredScore Gold standards.
Now under advanced construction, Building One is being developed in a joint venture between the Ireland Strategic Investment Fund (ISIF) and Frisby, the second-generation family Waterford-based developers.
Cushman & Wakefield are agents for the joint venture scheme, which includes core partner SETU.
As a link to the site's legendary crystal manufacturing legacy, Building One incorporates the former Waterford Crystal showrooms, remodelled as offices, with two dedicated ground-floor access points plus strong profile onto the Cork Rd.
'ISIF's commitment to Building One is an example of its double bottom line mandate at work, investing on a commercial basis in a manner designed to support economic activity and employment in the State,' said ISIF director, Nick Ashmore.
Further purpose-built buildings allow for enterprise, research, and students 'meeting the same stringent sustainability standards as Building One,' it was stated at this week's formal launch.
Building One's flexible floor plates range from 1,400sq ft to 17,000sq ft, with double-height entrance lobby, two lifts, parking, EV charging points, concierge service, cycle storage, and shower facilities, along with landscaped public spaces including seating.
The development team say that elements of the new education and enterprise-led development pick up reference points from university enterprise quarters such as the University of Nottingham's Innovation Park and the Cortex innovation district in St Louis, Missouri.
The Glassworks launch is 'a defining moment for the region and Ireland as a whole,' said SETU president Veronica Campbell. 'Glassworks will play a pivotal role in Ireland's knowledge economy where students, startups, and researchers can collaborate, test ideas, and create the next generation of ground-breaking products, technologies, and businesses,' she said.
Building One is being let by Peter O'Flynn and Siobhán Young of Cushman & Wakefield.
DETAILS: Cushman & Wakefield 021 4275454
