North Docklands site acquired for over €180m
October 22, 2018
A joint venture company formed by Johnny Ronan and US investment group Colony Capital has bought a 4.6 acre site in the heart of Dublin’s docklands for over €180 million. Colony Capital and Ronan Group Real Estate have completed the acquisition known as Project Waterfront, according to Savills and Cushman & Wakefield who handled the sale.
Colony Capital has had a close working relationship with Mr Ronan since it backed his exit from Nama after the economic crisis. This sale presented an opportunity to acquire the last remaining waterfront development site in the North Docklands. Underbidders for the development sites are believed to have included Hibernia Reit, Kennedy Wilson, Glenveagh and Marlet.
Situated in the Strategic Development Zone and beside the 3 Arena, the site has planning permission for the development of four office buildings ranging in height from 6-8 storeys. It has a total net office area of approximately 300,216 sq ft. In addition, planning also allows for a residential development comprising two residential buildings, accommodating 420 apartments.