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Planning permission sought for 600 apartments on former Irish Glass site

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Planning permission for 600 apartments on the former Irish Glass Bottle site near Ringsend in Dublin has been submitted by a consortium led by developer Johnny Ronan.

The consortium, which also includes the National Asset Management Agency (Nama), Oaketree Capital Management, and Lincor Developments, is expecting construction to commence on what is the first phase of Pembroke Quarter early next year.

The site was once a symbol of Celtic Tiger hubris after receivers appointed by Nama were appointed in 2012 after its respective owners ran into financial trouble. However, the vacant plot is now earmarked to become Dublin’s newest suburb, which once completed will deliver 3,800 homes, more than one million sq ft of commercial space, and educational facilities and other community amenities.

One quarter of the units developed at the site are to be allocated to social and affordable homes.

The property has been earmarked for development for some time with a company called Becbay, which was backed by developer Bernard McNamara, property financier Derek Quinlan, and State agency the Dublin Docklands Development Authority, having acquired the holding in 2006 for €412 million in an Anglo Irish Bank-backed deal.

Consortium

Mr Ronan’s Ronan Group Real Estate (RGRE), Oaktree Capital and Lincor were chosen as preferred bidders for a 80 per cent controlling stake in the former Irish Glass Bottle site last year after submitting a bid valued at in excess of €130 million. Nama has retained the remaining 20 per cent stake in the project.

Other shortlisted bidders for the controlling stake last year were: Sean Mulryan’s Ballymore Group; Dallas-based private equity giant Lone Star’s Quintain Ireland housebuilding unit; and Hines, a US real estate group.“This site that, for many years, has held so much unfulfilled potential to deliver housing in Dublin is finally being brought to life,” said Rory Williams, chief executive of RGRE.

“Over the coming years Pembroke Quarter will deliver much-needed homes for more than 10,000 people in Dublin’s city centre. We understand deeply how acute the need for housing is in the city, so we are very pleased to be able to submit this planning application for the first phase of development so quickly after the purchase of the site,” he added.

Nama chief executive Brendan McDonagh said: “We are delighted to see this superbly located Dublin Bay site move into the first phase of its development lifecycle with the submission of this first planning application for 600 residential units.”

He added that the 25 per cent allocated to social and affordable units would “provide homes to those most in need, close to the heart of Dublin”.

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IHG to open new hotel in Brussels (BE)

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IHG Hotels & Resorts (IHG) announced the signing of voco Brussels City North, marking entry into a new market. Due to open in autumn 2023, the 92-key voco Brussels City North property will be operated by Prem Group, a strong partner for IHG in the region. The state-of-the-art hotel will feature a restaurant and conference centre and will adjoin the Innovation Centre, which is already open on the site, to create a hub for hospitality innovation and a truly stimulating environment.

 

Located to the north of the city, the hotel will feature a striking 50-metre tower with huge glass windows providing panoramic views of the Brussels skyline. The site itself will be Europe’s largest experimental lab for creating ideas and a vision for the future. In line with voco hotels ethos, voco Brussels City North will stand out from the crowd and give guests a different choice.

 

Willemijn Geels, VP Development Europe, IHG Hotels & Resorts, said: “I’m delighted to announce that we are partnering with Living Tomorrow to bring voco hotels to Belgium. We know that Brussels is a strong market for branded properties, and we are confident that the voco hotels’ brand will fit well with the goal of creating a truly innovative hub on this unique site.”

 

Yin Oei, CEO, Living Tomorrow, said: “Living Tomorrow is focused on driving the future and we’re excited to partner with IHG to develop this exciting hotel – the first voco in Belgium. The values of voco hotels fit well with our desire to innovate and push boundaries and we know that the strength of the IHG systems will provide a stable platform from which to innovate.”

 

 

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Mitheridge and London Green unveil plans for Lambeth mix-use scheme (GB)

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Mitheridge Capital Management and London Green have unveiled plans for a residential-led, mixed-use development in Lambeth, south London. The project will make use of a former industrial site in Loughborough Junction, Lambeth, while also protecting the adjacent intersecting Victorian railway viaducts which remain a rich heritage asset.

 

Managing Partner of Mitheridge William Yerburgh said: “London desperately needs more homes. We believe strongly in an approach to housing provision that is affordable but also enhances the character and vibrancy of local communities. Our partnership with London Green will show that new housing provision can deliver for everyone.”

 

Daniel Rastegar, Investment Director at Mitheridge commented: “We are excited to work with London Green to deliver a scheme that will contribute positively to this area of Lambeth, both by providing highly sustainable, high-quality homes as well as new industrial space for SMEs.”

 

Harry Green, Director at London Green added: “This represents yet another opportunity to develop an underutilised site into a mixed community of sustainable homes and workplaces. We look forward to working with best-in-class consultants and contractors to deliver the vision that we share with Mitheridge Capital Management”.

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IIProp grows its presence in Spain

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IIProp (International Industrial Properties) has successfully delivered the initial phase of its built-to-suit project in the Spanish city of Murcia. The joint venture has also launched a new development project at a prime location in Nadarzyn, Warsaw South, Poland. The scheme is located in Murcia’s San Andres industrial park and offers 22,346m². The project is set to add another building of over 23,000m², bringing the total development area to 46,600m² GLA. Construction of a 23,000m² follow-on component is under way and scheduled for completion in January 2023. The project marks an important milestone for the IIProp’s expansion in Spain, where the platform has secured pipeline for development of some 63,000m² GLA in the Murcia and Barcelona regions. The development comes with excellent connectivity and visibility as it sits alongside the A7 highway, part of the Mediterranean transit corridor that links Spanish and Portuguese ports with mainland Europe. The project is set to obtain “Very Good” BREEAM certificate, which will be supported by green solutions such as solar panels, charging stations for electric cars, power sockets for electric bicycles and scooters as well as bicycle parking space and a bee shelter.

 

Nebil Senman, Managing Partner at Griffin Capital Partners, said: “The logistics market in Europe experienced an unprecedented growth during the pandemic and despite the geopolitical turmoil the tenant demand remains strong. We selectively are developing projects in Murcia and Warsaw with highest ESG standards and securing highest tenant covenants to fulfill core investor’s requirements. We plan to continue to build up carefully our European logistics footprint by selectively adding projects in core European markets as well as through converting our well-positioned land bank into standing assets.”

 

Maciej Dyjas, Managing Partner at Griffin Capital Partners, commented: “The projects in Murcia and Warsaw are another success stories in our strategic partnership with Panattoni. We continue to screen new European markets for entry and already begun working on potential development projects in countries like France, Italy, and Austria. In parallel, the IIProp’s pipeline stands at ca. 430,000m² GLA, despite latest disposals completed in Germany.

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