Irish property developer Johnny Ronan is seeking €500m (£434m) of funding to build out Spencer Place, one of Dublin’s biggest regeneration projects.
Ronan Group Real Estate has appointed Eastdil Secured to find the backing for the 720,000 sq ft scheme, on the south side of Spencer Dock in the North Wall area.
Having once been one of Irish “bad bank” Nama’s biggest debtors, Ronan paid back his dues in 2015. He is now aiming to realise a site he aimed to bring forward prior to the collapse of his previous company, Treasury Holdings, the former owner of Battersea Power Station, in 2011.
Alongside joint venture partner Colony Capital, Ronan bought the six-acre site for €43m last April.
Plans for just over three acres were submitted in April. They will include 400,000 sq ft of offices as well as shops and restaurants and a 212-bedroom hotel set along the waterfront.
It is understood the developer wants to target luxury retailers and leisure operators to give the development an exclusive image.
The new hotel will be set across two buildings, connected by pedestrian links and a basement housing 1,000 bicycle spaces, 168 car parking spaces and a 10,000 sq ft gym.
The former British Rail Hotel, a protected building at 58-59 North Wall Quay, will also be refurbished as a 28,700 sq ft office with a restaurant and bar on the ground floor.
The developer hopes the site’s proximity to transport links, a new pedestrian bridge linking Spencer Dock and Sir John Rogerson’s Quay, along with the planned expansion of the DART transit network to the area will help fuel occupier demand. Spencer Place has existing consent for a 169-bedroom hotel and more than 340,000 sq ft of offices.
The rest of the six-acre site, on the north side, which is not subject to the current planning application, has consent for 165 flats, comprising 23 one-bed, 117 two-bed and 25 three-bed homes.
RGRE is aiming to complete the development of Spencer Place in 2020.
Córas Iompair Éireann, Ireland’s national public transport provider, has a freehold interest across the broader 50 acres of land that makes up Spencer Dock.
Prior to its demise, Treasury Holdings’ developed out 20 acres in the area alongside Córas Iompair Éireann.
All parties declined to comment.
To send feedback, e-mail Shekha.Vyas@egi.co.uk or tweet @shekhaV or @estatesgazette
