Developer Gerry Barrett's Edward Capital has commenced construction on its €105 million Bonham Quay project in Galway city docklands.
The delivery of the 370,332sq ft (34,405sq m) office-led scheme is being led by main contractors John Sisk & Son. Upon completion Bonham Quay will comprise 269,098sq ft (25,000sq m) of sustainable grade A office space, alongside 20,505sq ft (1,905sq m) of retail and 91,439sq ft (8,495sq m) of landscaped space.
As the largest urban regeneration project in Galway, Bonham Quay will, according to its promoters, play a critical role in delivering employment into Galway city centre. The scheme is already being marketed to both Irish and international companies looking to locate in Galway city, an area which has seen demand for suitable grade A office accommodation outstrip supply in recent years.
In terms of its environmental credentials, the developers of Bonham Quay are applying One Planet Living standards. This initiative involves the implementation of 10 principles that cover all aspects of social, environmental and economic sustainability.
Quite apart from achieving the LEED gold standard, the project will, under the direction of its architects BDP, be targeting a WELL building standard rating and WIRED score.
Referring to some of the features the development will include to achieve those aims, Patrick Kavanagh of BDP said: “Bonham Quay’s highly-efficient air source heat pumps, photovoltaics and optimised façade will reduce energy consumption, while extensive landscaping including green roofs and living green walls will increase the site’s biodiversity and ecological value.”
Financing for the project has been provided by the US investment firm Quadrant Real Estate Advisors. Since entering the Irish market in 2015 the company has deployed more than €800 million across a range of commercial, hotel, apartment, retail and land investments.
Commenting on Quadrant’s decision to back the Bonham Quay scheme, the company’s CEO Kurt Wright said: “Bonham Quay exemplifies Quadrant’s investment style; this is a signature project with a best-in-class developer, and an outstanding location in Galway. We are confident this investment will deliver an excellent return for our client, and materially enhance Galway’s attractiveness to prestigious occupiers.”
