A consortium comprising developer Johnny Ronan, Ronan Group Real Estate, along with investment fund Oaktree Capital Management and its subsidiary Lioncor Developments Ltd, has won the contract to develop the former Glass Bottle site in Dublin 4.
The announcement, which represents the next stage in the development of the 37.2-acre Poolbeg West strategic development area, was made by the National Asset Management Agency (NAMA).
The new consortium will own 80% of Pembroke Ventures DAC, the company set up to develop the site, while NAMA will retain the remaining 20%.
Details of the amount the consortium is paying have not been disclosed, but it is understood to be in the region of €200m.
“This announcement marks the culmination of five years of intensive asset management aimed at obtaining the best financial return from this key site while facilitating its future development,” said Brendan McDonagh, NAMA’s Managing Director.
“We look forward to working with our consortium partners to unlock the potential of this excellent site.”
Up to 3,800 residential units and 1 m² of commercial space, as well as a school site and community and public open spaces are included in the plan.
25% of housing will be social and affordable.
“This is a strategic development for Dublin in the truest sense of the word,” said Rory Williams, Managing Director of Ronan Group Real Estate (RGRE).
“Together with Oaktree, Lioncor and NAMA, we are proud to have been tasked with realizing the site’s full potential.”
“We are especially looking forward to delivering thousands of new homes, including nearly 900 social and affordable homes.”
NAMA said general planning and pre-development work is expected to begin immediately, with construction expected to start mid-next year.
RGRE was announced as the preferred bidder for the stake in July, alongside Colony Capital, but later changed partners to Oaktree.