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Ronan Group Backer Colony Capital Buys ‘Project Waterfront’ For €180M

Artist's rendering of how the commercial and residential elements of Project Waterfront will fit into their surroundings
Artist's rendering of how the commercial and residential elements of Project Waterfront will fit into their surroundings

Colony Capital, the U.S. investment company that is funding a number of Ronan Group Real Estate developments around Dublin, has bought a 4.6 acre site on North Wall Quay for more than €180M.

The site, which was sold on behalf of receiver David Carson, has planning permission for 300K SF of offices across four buildings of between six and eight storeys.

The planning also allows for two residential buildings of between six and 11 storeys to accommodate 420 apartments. According to joint agents Savills and Cushman & Wakefield, there is potential to increase the number of units to between 494 and 526 following the publication of the revised apartment guidelines earlier this year. 

When it was launched at the end of July, the site had a guideline price of €120M.

According to the Irish Times, underbidders are understood to include Hibernia Reit, Marlet and Kennedy Wilson.

The neighbours on one side of the site are Dublin Landings and The Point Village student accommodation building, while SACO Property Group’s Beckett Locke aparthotel and TIO’s North Dock One and North Dock Two office scheme are being developed on the other side.

The RGRE and Colony Capital partnership currently has 1.5M SF of office development underway. Included is the 500K SF Spencer Place, also on North Wall Quay, which is expected to be let in its entirety to Salesforce.

And construction is expected to start this quarter on ‘Fibonnaci’, the redevelopment of the former AIB Bancentre in Ballsbridge. The scheme will include two six-storey office buildings comprising 355K SF and is being developed as a technology campus for a global TMT organisation, understood to be Facebook. The development is expected to complete in Q4 2021.