August 12, 2020
Business News Property

Waterford developer secures Dublin’s largest vacant site – with potential to create 3,500 new homes

A county Waterford developer has been chosen as the preferred bidder for largest vacant site, which could yield 3,500 homes and a million square feet of commercial space.

Coolnamuck, Carrickbeg native Johnny Ronan’s RGRE and US Investment Fund Colony Capital have been selected as the preferred bidder for the high profile Glass Bottle Plant site in Dublin’s Ringsend.

Ronan’s RGRE and Colony bid for a 80% stake in the site was chosen by the National Asset Management Agency (NAMA), the entity which sold the site. NAMA is retaining a 20% shareholding in the Irish Glass Bottle land.

Four bids were received for the 37 acre site just beside Dublin’s Docklands, of which two were from US investors and the fourth being an Irish company.

The site, which was originally sold for €418 million back in 2006, came under NAMA’s control following the financial collapse of the late 2000’s.

Due to the scale of any project proposed for the site, it will come under An Bord Pleanála’s Strategic Development Zone (SDZ) planning, which means the development of the site can be fast-tracked.

RGRE and Colony Capital now have four weeks to complete the process with NAMA.

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