Diageo has launched a search for a development partner to develop a €1bn (£890m) urban quarter on the site of the Guinness brewery in Dublin.
The drinks company wants to develop a 1.5m sq ft mixed-use development called the St James’s Gate Quarter on 12.6 acres of surplus land at the St James’ Gate site where Guinness has been brewed for more than 250 years. It has appointed Deloitte Real Estate to manage the tender process.
The scheme is expected to have a build-out time of at least 10 years and comprise 516,000 sq ft of residential floorspace, 54,000 sq ft of retail space, 500 new homes, 678,000 sq ft of office space and 237,000 sq ft of hotel and leisure space.
The land, which makes up just over 20% of the broader St James’ Gate site, has become available following significant investment in modernising the brewery site since 2011, and the provision of new technology, which allows Diageo to brew more beer using less space.
Diageo, which plans to retain ownership of a number of key buildings in the quarter including the gate itself and Arthur Guinness’s residence, hopes to bring a development partner onboard within 12-18 months.
Oliver Loomes, country director for Diageo Ireland, said: “We’re committed to a long-term sustainable future at St James’ Gate. We’re transforming our centuries-old vat houses, brewhouses and cooperages into incredible spaces that will house and inspire a new generation of entrepreneurs, residents and visitors.”
Timothy Trillo, project lead at Deloitte Real Estate, said a project of this scale would require significant masterplanning and town planning experience: “We are looking at comparable developments where there is evidence of good regeneration around heritage assets around the world to try to secure a world-class development partner.
“The idea is that this project will literally throw the gates open to a site that has been shut off from the public for 250 years.”
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